China’s consumption growth slowed in November, as did property investment, while the industrial sector showed limited signs of recovery, underscoring challenges to Beijing’s push for an “all-around” expansion of domestic demand in 2025 amid external uncertainties.
The reading missed estimates of 5.3 per cent growth projected by economists polled by Chinese financial data provider Wind.
China’s overall fixed assets investment – covering major items such as infrastructure spending, manufacturing and property construction – rose by 3.3 per cent in the first 11 months of the year, compared with the 3.4 per cent increase from January to October.
Property investment, which has been a major drag of the economy, fell by 10.4 per cent year on year from January to November, compared with the 10.3 per cent fall in the first 10 months of the year.
A readout issued after China’s annual tone-setting central economic work conference on Thursday prioritised the need to “vigorously boost consumption, improve investment efficiency, and expand domestic demand on all fronts” as the top economic work next year, up from second place for this year.
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