MNI DATA IMPACT: China Nov Ind Output Near 2-Yr High; Sales Up

The Chinese economy continued to recover in November, reflecting a robust resilience, said Fu Linghui, the spokesman of the National Bureau of Statistic at a data release briefing on Tuesday.

"China's Q4 GDP is expected to accelerate from Q3's growth of 4.9%, and the country is likely to become the only economy recording positive growth this year in the world," said Fu.

Here are some of the data highlights:

• Industrial production grew for the eighth month by 7.0% y/y in November, edging up 0.1 percentage points from the gain in Oct and hitting the highest level since March 2019, while outperforming the 6.8% forecast. Accumulated growth for the first ten months rose 2.3% y/y, further accelerating from the previous 1.8% growth.
• Retail sales rose 5.0% y/y in Nov, the highest this year, further expanding from the 4.3% gain in Oct. This is in line with the 5.0% projected result.
• Fixed-asset Investment continued to rise 2.6% y/y in the Jan-Nov period, improving from Jan-Oct's 1.8%. The figure meets the projected 2.6% gain.
• The recovery in manufacturing investment lagged behind, with a fall of 3.5% following the 5.3% decline in Jan-Oct. Infrastructure investment rose 1.0%, accelerating from the 0.7% gain in Jan-Oct, and property investment growth expanded to 6.8% y/y, growing for the sixth month from the previous 6.3%.
• Registered urban unemployment edged down 0.1 percentage point to 5.2% from Oct. The rate in 31 major cities was also down 0.1 pp to 5.2%.