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  HOME | Business & Economy (Click here for more)

Retail Sales in China Grew at 10.2% in November

BEIJING Retail sales in China grew at 10.2 percent year on year in November, two decimal points higher than in October, while industrial output slowed during the same period, according to data published by the National Bureau of Statistics on Thursday.

Analysts had expected retail sales which grew 10 percent in October to increase following booming Singles Day sale on Nov. 11 during which a record 168.26 billion yuan ($25.38 billion) worth of products were sold in just 24 hours.

Between January and November, retail sales in rural areas grew at 11.9 percent, outpacing the 10 percent growth in urban areas.

The NBS also released data about industrial production on Thursday, which grew at 6.1 percent year on year in November, lower than the 6.2 percent recorded in October.

The economic research consultancy Capital Economics attributed the deceleration to government measures against pollution in northeastern China, including production halts in steel factories.

The data also showed a slowing in production of electricity, metals, glass and mobile phones.

Property investment, according to the data, grew at 7.5 percent to reach 10 trillion yuan between January and November, the lowest growth rate recorded this year, even as fixed-asset investment growth declined for the eighth consecutive month to stand at 7.2 percent year on year in November, slightly lower than the 7.3 percent registered until October.

Investment in infrastructure, which accounts for more than 20 percent of the total fixed-asset investment in the country, grew at 20.1 percent year on year.

 

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