In November, Chinese shoppers set new records for spending during the annual ‘Singles’ Day’ buying spree, with e-commerce giant Alibaba saying consumers spent $38.3 billion on its platforms (NOEL CELIS)
<p>Beijing (AFP) – China enjoyed a better-than-expected pick-up in the key retail and industrial sectors in November, data showed Monday, providing a further boost to Beijing after finally agreeing a mini trade pact with the United States last week. </p><p>The readings come at the end of a tough year for the world’s number two economy, which is expanding at its weakest rate for three decades as it is buffeted by the long-running trade war with Washington as well as a slowdown in global demand for its goods.</p><p>Industrial production increased 6.2 percent on-year last month, up from 4.7 percent in October and the best reading in six months.</p><p>There was also positive news for the country’s shops, with retail sales up 8.0 percent, compared with a 7.2 percent rise the month before.</p><p>The figures exceeded expectations, with analysts surveyed by Bloomberg predicting just 5.0 percent growth in industrial production and 7.6 percent in retail sales.</p><p>Fu Linghui, spokesman at the National Bureau of Statistics, said the key economic indicators "performed better than expected" in the "face of mounting risks and challenges both at home and abroad".</p><p>But he warned there was still "downward pressure" on the Chinese economy owing to "increasing external instabilities and uncertainties".</p><p>Investment in fixed capital was up 5.2 percent, the same as October and in line with predictions.</p><p>In November, Chinese shoppers set new records for spending during the annual "Singles’ Day" buying spree, with e-commerce giant Alibaba saying consumers spent $38.3 billion on its platforms during the world’s biggest 24-hour shopping event.</p><p>The figure was up 26 percent from the previous all-time high set last year.</p><p>China’s economy is in an extended slowdown and the Singles’ Day fire sale is viewed as a snapshot of consumer sentiment.</p><p>Economic growth slowed to six percent in the third quarter — the most sluggish rate since 1990 — as demand for exports cooled and Chinese consumers tightened their belts.</p><p>Fu said Beijing was on track to meet its full-year growth target of 6.0-6.5 percent for 2019, but "must also acknowledge that the current international environment is still relatively complicated". </p><p>The partial trade deal had "reduced market uncertainty", he said.</p><p>But analysts said Monday’s strong data was not necessarily a sign of long-lasting growth.</p><p>"We think this uptick will prove short-lived," said Martin Lynge Rasmussen, China economist at Capital Economics, warning of the impact of a squeeze on financing in the important real-estate sector.</p><p>"Downward pressure on growth is likely to resurface before long," he added.</p><p></p>

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