BEIJING : China's factory output grew faster than expected in November, supported by stronger energy production and a moderation in raw materials prices, but retail sales slowed as new COVID-19 outbreaks hit the world's second-largest economy.
"Domestic consumption weakened further, which is driven by the zero tolerance policy that hurts the service sector and the continued slowdown in the property sector." Fixed asset investment rose 5.2per cent in the first 11 months from the same period a year earlier, slower than the 5.4per cent increase tipped by a Reuters poll and the 6.1per cent in January-October.
At a key agenda-setting meeting last week, China's top leaders pledged to focus on stabilising the economy and keeping growth within a reasonable range in 2022.
Source: News Formal (newsformal.com)