China’s economic ‘activity’ data for November 2023
China’s industrial output
+6.6% y/y in November year-on-year, better than in October and ahead of the central estimate of +5.6%
Retail sales was a miss, up at + 10.1% in November, with a +12.5% the median estimate, but up from +7.6% in October.
Fixed asset investment +2.9% in the first 11 months
of 2023, falling short of central expectations at +3% rise but matching its +2.9% in the January-October
period.
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Some the property sector results are very poor indeed.
January-November (ie YTD) new construction starts -21.2% y/y
- property sales measured by floor area -8.0% YTD y/y
- property investment -9.4% YTD y/y