{"id":137729,"date":"2024-12-16T16:43:16","date_gmt":"2024-12-16T09:43:16","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=137729"},"modified":"2024-12-16T16:43:16","modified_gmt":"2024-12-16T09:43:16","slug":"weak-china-retail-sales-add-to-pressure-on-beijing-to-lift-economy","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=137729","title":{"rendered":"Weak China retail sales add to pressure on Beijing to lift economy"},"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>\n<p>Stay informed with free updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Simply sign up to the <!-- -->Chinese economy<!-- --> myFT Digest &#8212; delivered directly to your inbox.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=a1c39f1b-bf6c-4845-839c-81be269c4468&amp;concept-id=bf38d79f-556e-4f4e-885c-a9e67594140a\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Retail sales in China missed expectations in November, adding to pressure on policymakers after President Xi Jinping signalled last week that he wants to spur household consumption to boost the world\u2019s second-largest economy.<\/p>\n<p>The consumption measure added 3 per cent year-on-year, below a forecast of 4.6 per cent in a Reuters poll, and last month\u2019s rise of 4.8 per cent. Industrial production added 5.4 per cent, slightly above predictions.<\/p>\n<p>The unexpectedly weaker growth comes days after the Communist party leadership called for <a href=\"https:\/\/www.ft.com\/content\/a8488e3c-087d-4790-b435-acc26c949b7b\" data-trackable=\"link\">\u201cvigorous\u201d efforts to boost consumption<\/a> and domestic demand at the annual Central Economic Work Conference last week.<\/p>\n<p>The November retail number \u201cwas the big disappointment of the month, as retail sales\u2009.\u2009.\u2009.\u2009came in well softer than both consensus and our forecasts\u201d, said Lynn Song, chief economist for greater China at ING in a research note. <\/p>\n<p>Beijing has struggled to boost confidence against the backdrop of a property slowdown, now entering its fourth year, and bouts of deflation. The government unveiled a series of measures to <a href=\"https:\/\/www.ft.com\/content\/19fa5694-d26a-45bc-97eb-7aee2a589545\" data-trackable=\"link\">boost stock markets<\/a> in late September and to <a href=\"https:\/\/www.ft.com\/content\/8b358c70-be0c-47b0-b696-e25b1b55a8aa\" data-trackable=\"link\">refinance local government debt <\/a>last month.<\/p>\n<p>Chinese equities fell on Monday. The CSI 300 index of blue-chip mainland-listed companies closed down 0.5 per cent while Hong Kong\u2019s Hang Seng index fell 0.9 per cent.<\/p>\n<p>China\u2019s 10-year sovereign bond yield fell 0.06 percentage points to 1.73 per cent and its 30-year yield fell below 2 per cent for the first time.<\/p>\n<p>The conference\u2019s work report last week listed consumption as the first of nine economic priorities for 2025, ahead of the \u201cnew productive forces\u201d that have emerged as a core pillar of Xi\u2019s approach.<\/p>\n<p>The emphasis is one of several signs of growing urgency from the government, including a shift in its monetary policy stance to \u201cmoderately loose\u201d from \u201cprudent\u201d for the <a href=\"https:\/\/www.ft.com\/content\/7a9c963c-b1af-4c92-860e-f57dc546cf1f\" data-trackable=\"link\">first time in over a decade<\/a> last week.<\/p>\n<aside aria-labelledby=\"aside-label\" class=\"n-content-recommended--single-story n-content-recommended--inset\" data-component=\"recommended\">\n<p class=\"n-content-recommended__title\">Recommended<\/p>\n<div class=\"o-teaser o-teaser--article o-teaser--small o-teaser--stacked o-teaser--has-image js-teaser\" data-id=\"0577ca97-ccdf-47ae-9524-6d40fd6e4ba9\">\n<div class=\"o-teaser__image-container js-teaser-image-container\"><a href=\"https:\/\/www.ft.com\/content\/0577ca97-ccdf-47ae-9524-6d40fd6e4ba9\" data-trackable=\"image-link\" tabindex=\"-1\" aria-hidden=\"true\"><\/p>\n<div class=\"o-teaser__image-placeholder\" style=\"aspect-ratio:2290\/1289\"><img decoding=\"async\" class=\"o-teaser__image\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fwww.ft.com%2F__origami%2Fservice%2Fimage%2Fv2%2Fimages%2Fraw%2Fhttps%253A%252F%252Fd1e00ek4ebabms.cloudfront.net%252Fproduction%252F1319421c-84e0-45e6-8453-69acf3cfa680.jpg%3Fsource%3Dnext-article%26fit%3Dscale-down%26quality%3Dhighest%26width%3D700%26dpr%3D1?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240\" alt=\"Commuters ride escalators at a subway station in Guangzhou\"\/><\/div>\n<p><\/a><\/div>\n<\/div>\n<\/aside>\n<p>Consumer prices in November rose just 0.2 per cent, a five-month low. Prices have increased every month since January, but growth has remained close to deflationary territory, adding to concerns over the strength of domestic demand. <\/p>\n<p>Consumer spending was an economic concern in China during the Covid-19 pandemic, when the government imposed strict lockdowns to prevent the spread of the virus, and has failed to bounce back fully since a reopening almost two years ago.<\/p>\n<p>ING\u2019s Song said that aside from the National Bureau of Statistics\u2019 property price index for 70 cities, which showed marginal falls during the month and indicated a stabilisation, the overall data was softer than expected in November. <\/p>\n<p>Property investment was still declining, falling 10.4 per cent in the 11 months to the end of November, the NBS said, compared with a fall of 10.3 per cent in the first 10 months.<\/p>\n<p>Goldman Sachs economists attributed the soft retail sales to an earlier than usual start to the annual November \u201cSingles Day\u201d online shopping festival, which pulled forward some sales to October. <\/p>\n<p>But Goldman and other economists said that overall, indicators suggested that annual growth this year would end close to the government\u2019s official target of 5 per cent. <\/p>\n<p>Xi last week pledged to meet the target, saying that China would continue \u201cto play its role as the world\u2019s largest economic growth engine\u201d.<\/p>\n<p>Citi analysts said the government would probably release few details of any proposed fiscal stimulus measures until early next year during the annual meeting of China\u2019s rubber stamp parliament, the National People\u2019s Congress. This normally sets out the economic agenda for the following 12 months.<\/p>\n<p>\u201cThe politburo and CEWC concluded with a supportive tone but no major breakthroughs or concrete measures,\u201d Citi said. \u201cThe next two months could be a policy vacuum until the NPC.\u201d<\/p>\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.ft.com\/content\/a1c39f1b-bf6c-4845-839c-81be269c4468\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay informed with free updates Simply sign up to the Chinese economy myFT Digest &#8212; delivered directly to your inbox. Retail sales in China missed expectations in November, adding to &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=137729\" 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-137729","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/137729","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=137729"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/137729\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=137729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=137729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=137729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}