China’s industrial output grows on accelerated recovery
November had seen China’s industrial output grow in line with forecasts. The expansion marked the sector’s eighth consecutive month of growth as the country’s economic emergence from the coronavirus drag accelerated and global demand picked up.
Industrial output advanced 7.0% in November year-on-year, data from the National Statistics Bureau showed on Tuesday. The figure hit analysts’ forecasts in a Reuters survey, placing higher than the 6.9% growth seen in October.
Meanwhile, retail sales were seen 11.8% higher as sales of household appliances jumped 5.1% in November. In addition to this, sales of communication-related equipment expanded 43.6%. China’s greatly recovered as robust exports pulled the economy from its coronavirus-induced downturn.