China’s economy is riding its strong momentum into the end of the year, with retail sales accelerating and industrial output slowing just a touch in November.
Following on previous figures that showed a jump in exports and subdued inflation, the data published yesterday confirmed that the world’s second-largest economy remained in good health and had once again defied predictions for a more pronounced slowdown.
Just a few months ago, analysts had expected that Chinese economic growth would tail off more sharply in the fourth quarter, but for now it appears to be close to its 7.8 per cent year-on-year pace of the third quarter. Industrial output increased 10 per cent in November from a year earlier, down from 10.3 per cent in October but above its average this year. Annual growth in fixed-asset investment edged down to 19.9 per cent in year-to-date terms from 20.1 per cent in October.