{"id":137653,"date":"2024-12-16T11:37:48","date_gmt":"2024-12-16T04:37:48","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=137653"},"modified":"2024-12-16T11:37:48","modified_gmt":"2024-12-16T04:37:48","slug":"chinas-november-retail-sales-miss-expectations-real-estate-slump-deepens","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=137653","title":{"rendered":"China&#8217;s November retail sales miss expectations, real estate slump deepens"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-108076093\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>Shoppers pass a Huawei Technologies Co. store on Nanjing East Road in Shanghai, China, on Wednesday, Oct. 2, 2024.\u00a0\u00a0<\/p>\n<p>Qilai Shen | Bloomberg | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>China&#8217;s retail sales disappointed in November as sentiment in the real estate market weakened further, in another sign that Beijing&#8217;s efforts to boost the economy have failed to revive sluggish demand.<\/p>\n<p>Retail sales rose by 3% in November from a year ago, according to <a href=\"https:\/\/www.stats.gov.cn\/sj\/zxfb\/202412\/t20241216_1957759.html\" target=\"_blank\" rel=\"noopener\">National Bureau of Statistics<\/a> data released Monday, missing the forecast of 4.6% in a Reuters poll.<\/p>\n<p>That marked a\u00a0sharp slowdown\u00a0from 4.8% growth in the previous month.\u00a0Retail sales in October had recorded the quickest\u00a0<a href=\"https:\/\/www.reuters.com\/markets\/asia\/china-oct-industrial-output-misses-expectations-retail-sales-top-forecast-2024-11-15\/\" target=\"_blank\" rel=\"noopener\">growth since February<\/a>, helped by the annual Singles&#8217; Day shopping festival that kicked off <a href=\"https:\/\/www.cnbc.com\/2024\/11\/04\/how-chinas-consumers-are-spending-this-singles-day-shopping-festival-.html\">more than a week earlier<\/a> than the event in 2023.<\/p>\n<p>The slump in real estate investment for the January to November period deepened, <a href=\"https:\/\/www.stats.gov.cn\/sj\/zxfb\/202412\/t20241216_1957761.html\" target=\"_blank\" rel=\"noopener\">shrinking by 10.4% from a year ago<\/a>, following a 10.3% decline reported in the January to October period.<\/p>\n<p>The world&#8217;s second-largest economy has been contending with pressure from multiple fronts this year. Consumer and business confidence has been hit by a prolonged property downturn, local government debt risks and high unemployment.<\/p>\n<p>&#8220;The stimulus effect has been short-lived,&#8221; My Bui, economist at investment management firm AMP said in an email. While the &#8220;recent fragile but upward momentum in Chinese economic data will translate into a real GDP growth rate of 5% this year,&#8221; they are unlikely to turn around weak consumption sentiment due to falling home prices, Bui added.<\/p>\n<p>November industrial production <a href=\"https:\/\/www.stats.gov.cn\/sj\/zxfb\/202412\/t20241216_1957765.html\" target=\"_blank\" rel=\"noopener\">rose by 5.4% from a year ago<\/a>, above the expectations of 5.3% growth among economists polled by Reuters, accelerating from a climb of 5.3% in the prior month.<\/p>\n<p>Fixed asset investment, reported on a year-to-date basis, <a href=\"https:\/\/www.stats.gov.cn\/sj\/zxfb\/202412\/t20241216_1957763.html\" target=\"_blank\" rel=\"noopener\">rose by 3.3% this year through November<\/a> on an annual basis, missing the forecast of 3.4%. The figure had risen by 3.4% in the period from January to October.<\/p>\n<p>&#8220;Signs of improvement in the economy have accumulated in November thanks to the stimulus policies,&#8221; the National statistics bureau said <a href=\"https:\/\/www.stats.gov.cn\/sj\/zxfb\/202412\/t20241216_1957767.html\" target=\"_blank\" rel=\"noopener\">in a Monday statement<\/a>, adding that &#8220;domestic demand has remained insufficient and businesses are confronted with operating difficulties.&#8221;<\/p>\n<\/div>\n<div class=\"group\">\n<p>Despite the overall consumption slump, the trade-in program for used goods has helped to lift sales of home appliances and audio-visual equipment, furniture and cars in November to grow <a href=\"https:\/\/www.stats.gov.cn\/sj\/zxfb\/202412\/t20241216_1957767.html\" target=\"_blank\" rel=\"noopener\">22.2%, 10.5% and 6.6%<\/a>, respectively.<\/p>\n<p>The <a href=\"https:\/\/www.stats.gov.cn\/sj\/zxfb\/202412\/t20241216_1957767.html\" target=\"_blank\" rel=\"noopener\">urban unemployment rate stood at 5%<\/a> in November among people above 16 years old, unchanged from the October figure.<\/p>\n<p>A few days after the broader jobless rate release, Chinese authorities typically publish a separate set of unemployment rate for 16-to-24-year olds which excludes students. The youth jobless rate has remained elevated, coming in at 17.1% in October and 17.6% in September. It notched a record high of 18.8% in August.<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\"><a id=\"headline0\"\/>Stuttering recovery<\/h2>\n<div class=\"group\">\n<p>Last week, at <a href=\"https:\/\/www.cnbc.com\/2024\/12\/12\/china-stresses-plans-to-boost-growth-at-top-agenda-setting-meeting.html\">high-level economic policy meetings<\/a>, Chinese leadership signaled heightened urgency to shore up the ailing economy, while shifting the country&#8217;s policy focus to boosting consumption as Beijing prepares for a potential escalation in trade tensions with the U.S.<\/p>\n<\/div>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-108075530\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-108075530\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000360932\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><img decoding=\"async\" class=\"InlineVideo-videoThumbnail\" src=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/108075531-17340695771734069572-37530866185-1080pnbcnews.jpg?v=1734069576&amp;w=750&amp;h=422&amp;vtcrop=y\" alt=\"Encouraging that China is making domestic demand a top priority but scale may fall short: JPMorgan\"\/><span class=\"InlineVideo-videoButton\"\/><span\/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>The top officials vowed to implement &#8220;proactive fiscal tools&#8221; and &#8220;moderately loose&#8221; monetary policies next year, and to &#8220;vigorously&#8221; lift domestic consumption and stimulate demand &#8220;on all fronts,&#8221; according to the <a href=\"https:\/\/english.news.cn\/20241209\/3d639213239941aca9783636317e525d\/c.html\" target=\"_blank\" rel=\"noopener\">state-run Xinhua News Agency<\/a>.<\/p>\n<p>That marked the first time that Beijing acknowledged its monetary policy should be loose since the <a href=\"https:\/\/www.cnbc.com\/2024\/12\/11\/chinas-policy-shift-signals-economic-worries-but-outsized-stimulus-is-unlikely.html\">depths of the global financial crisis<\/a> in 2008.<\/p>\n<p>Since late September, Beijing has ramped up stimulus announcements in a bid to prop up the faltering economy, including several interest rate cuts and loosened property purchase rules. On the fiscal front, the finance ministry <a href=\"https:\/\/www.cnbc.com\/2024\/11\/08\/china-expected-to-announce-highly-anticipated-fiscal-stimulus-package.html\">unveiled a five-year 10 trillion yuan<\/a> ($1.4 trillion) program in November to tackle local government debt problems.<\/p>\n<p>Still, the latest economic data out of China have underscored persisting deflationary pressures in the flagging economy.<\/p>\n<p>Consumer inflation <a href=\"https:\/\/www.cnbc.com\/2024\/12\/09\/china-consumer-prices-climb-less-than-expected-as-economy-slows-amid-trade-war-worries.html\">fell to a five-month low<\/a> in November, with retail prices rising a muted 0.2% from a year ago. China&#8217;s producer price index extended the downward trend, falling for the 26th straight month.<\/p>\n<p>The country&#8217;s <a href=\"https:\/\/www.cnbc.com\/2024\/12\/10\/chinas-exports-imports-trade-november.html\">imports declined 3.9%<\/a> amid sluggish consumer demand, marking the sharpest fall since September 2023, while exports rose by smaller-than-expected 6.7%.<\/p>\n<p>Beyond a trade-in program to incentivize car and home appliance sales, Beijing&#8217;s stimulus measures that have been announced so far have not targeted consumption directly.<\/p>\n<p>While the economic planning meetings last week <a href=\"https:\/\/www.cnbc.com\/2024\/12\/12\/china-stresses-plans-to-boost-growth-at-top-agenda-setting-meeting.html\">provided broad strokes of policy focus<\/a> and direction for next year, more specifics and details will only be unveiled at the annual legislative sessions in March.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cnbc.com\/2024\/12\/16\/chinas-november-retail-sales-miss-expectations-as-economic-woes-deepen.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shoppers pass a Huawei Technologies Co. store on Nanjing East Road in Shanghai, China, on Wednesday, Oct. 2, 2024.\u00a0\u00a0 Qilai Shen | Bloomberg | Getty Images China&#8217;s retail sales disappointed &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=137653\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-137653","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/137653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=137653"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/137653\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=137653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=137653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=137653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}