Improvement in Industrial Production in China... Consumption and Sales Remain Unchanged (Comprehensive)

November Industrial Production Up 3.8% Year-on-Year; Consumer Sales Below Market Expectations
Significant Increase in Mining, Manufacturing, and Electricity Sectors Compared to Manufacturing in November

[Asia Economy Beijing=Special Correspondent Jo Young-shin] Contrary to concerns, China's industrial production index for November showed improvement.

China's National Bureau of Statistics announced on the 15th that industrial production in November increased by 3.8% compared to the same month last year. This exceeded the market expectation of 3.6% and improved from 3.5% in the previous month.

Source: National Bureau of Statistics of China

The monthly industrial production growth rate in China, which reached 35.1% in January and February, had fallen to 3.1% in September. Since then, it rebounded to 3.5% in October, showing signs of recovery. Based on the indicators alone, concerns that China's industrial production index might decline further due to power shortages and rising international raw material prices have been dispelled.

However, due to power shortages such as coal scarcity, the mining and electricity sectors increased significantly more than manufacturing.

In fact, by sector, manufacturing increased by 2.9% compared to the same period last year, while mining increased by 6.2%, and electricity, gas, and water supply rose by as much as 11.1%.

The retail sales index still has not gained rebound momentum. The retail sales growth rate in November was only 3.9%, while the market expectation was 4.6%. China's retail sales showed double-digit growth until June but plunged sharply from July, falling to 2.5% in August. Retail sales rebounded to 4.4% in September and recovered further to 4.9% in October. It appears that the resurgence of COVID-19 and stricter infectious disease control measures have affected retail sales.

The National Bureau of Statistics explained, "Major macro indicators such as industrial production are showing reasonable levels," but also noted, "It is true that the domestic and international environment is becoming more complex and there are many constraints on domestic economic recovery."

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