According to data released on Monday by the National Bureau of Statistics (NBS), China's economy maintained its upward momentum from September in November with strong gains across industrial production, services and retail trade.
China's value-added industrial output, an important economic indicator, posted a rapid 5.4 percent year-on-year increase in November, with strong growth in the high-tech and equipment manufacturing sectors, the NBS said.
Among key products, new energy vehicle production increased 51.1 percent, industrial robots increased 29.3 percent, and integrated circuit performance increased 8.7 percent.
The NBS also said that the services sector also showed strong growth, with the services sector output index increasing by 6.1 % compared to the same period last year.
Specific sectors such as real estate saw their output indices increase by 2.9 %, while transport, storage and postal services saw their output indices increase by 6 %. These figures marked a faster pace of growth compared to the previous month and reflect the ongoing recovery.
Among China's service sectors, including telecommunications, internet software and IT services, financial services, capital markets and insurance, business activity indices recorded above 55.0 %, indicating relatively stronger economic activity.
Retail sales also showed positive signs in November. Total retail sales of consumer goods increased by 3 % year-on-year. From January to November, total retail sales reached 44.27 trillion yuan (US$6.07 trillion), reflecting a 3.5% increase from a year earlier.
Investment in fixed assets remained stable and increased by 3.3 percent year-on-year in the first 11 months of the year. Investment in the high-tech sector grew at a faster pace, rising by 8.8 %, driven by investment in high-tech manufacturing and services, which increased by 8.2 % and 10.2 %, respectively.
China's labour market has shown stability, with the unemployment rate in the cities surveyed averaging 5.1 % between January and November. This marks a slight improvement from the same period last year, when the unemployment rate was 5.2 %.
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