Guangzhou (JLC), December 16, 2024 – China's key economic indicators continued to improve in November, suggesting that the economy was still on track for a steady growth this year, according to data from the National Bureau of Statistics (NBS).
China's value-added industrial output – a gauge of activity in the manufacturing, mining and utilities sectors – grew 5.4% year on year in November, 0.1 percentage points faster than in October, figures released by the NBS showed. In January-November, the industrial output grew 5.8% year on year.
The manufacturing purchasing managers' index (PMI) rose to 50.3% in November, up from 50.1% in October, suggesting the manufacturing activities expanded faster, the NBS data indicated.
The service sector continued to improve, with the service production index rising 6.1% year on year in November, the NBS said. In January-November, the service production index rose 5.1% year on year.
Retail sales of goods, a key measurement of consumer spending, gained 3.0% year on year to CNY4.38 trillion in November, slowing from a 4.8% growth in October, the NBS data showed. In January-November, China’s retail sales of goods gained 3.5% year on year to CNY44.27 trillion.
Fixed-asset investment – a gauge of expenditures on sectors including infrastructure, property, machinery and equipment – increased 3.3% year on year to CNY46.58 trillion in January-November.
In yuan terms, the total value of imports and exports of goods stood at about 3.75 trillion yuan in November, an increase of 1.2% year on year. Among them, exports were about 2.22 trillion yuan, up 5.8% year on year, while imports were about 1.53 trillion yuan, down 4.7% year on year.
In January-November, the total value of imports and exports of goods stood at about 39.79 trillion yuan, up 4.9% year on year. Among them, exports were about 23.04 trillion yuan, up 6.7% year on year, while imports were about 16.75 trillion yuan, up 2.4% year on year.
The surveyed urban jobless rate came in at 5.0% in November, unchanged from the previous month, according to the NBS. In January-November, the urban unemployment rate averaged 5.1%, down 0.1 percentage point year on year.
