China’s retail sales missed expectations in November, adding to pressure on policymakers as they seek to restore confidence in the world’s second-largest economy.
Retail sales rose 3 per cent, below both analyst forecasts of 4.6 per cent and a 4.8 per cent rise in October. Industrial production in November rose 5.4 per cent, slightly above expectations.
The data comes days after China held its annual Central Economic Work Conference, in which party leaders called for “vigorous” efforts to boost consumption.
In the property sector, where a slowdown has posed a major challenge to policymakers, new home prices continued to decline, albeit at a slower pace than in previous months. Property investment is down 10.4 per cent so far this year.