China's retail trade rises below expectations

ANKARA

China's retail sales rose 3% in November compared to a year ago, falling short of the market forecast of a 4.6% increase, according to data released by the National Bureau of Statistics of China on Monday.

This marked the slowest growth in three months, down from a 4.8% rise in October. The slowdown was driven by weaker sales of sports and entertainment products, daily necessities, household appliances, and audio-visual equipment.

China's industrial production, on the other hand, rose slightly above the market forecast, increasing by 5.4% year-on-year in November, up from a 5.3% rise in the previous month.

Economists had expected an annualized 5.3% increase for the month.

Manufacturing led the growth with a 6% year-on-year rise in November, compared to 5.4% in October. However, electricity, heat, gas, and water production and supply activities, as well as mining, grew at a slower pace of 1.6% and 4.2%, respectively, compared to the previous month.

China’s new home prices in 70 cities dropped by 5.7% year-on-year in November, marking the 17th consecutive month of decline. Prices fell 5.3% in Beijing, 9.1% in Guangzhou, and 7.1% in Shenzhen, while Shanghai recorded a 5.0% increase.

Fixed asset investment rose 3.3% year-on-year from January through November, slightly below the forecast of 3.4%.