China has posted its strongest retail sales growth of the year, surprising analysts. The world's second-largest economy also managed to increase its overall output, lifted above all by surging steel production.
China's industrial output and retail sales both accelerated in November, the National Bureau of Statistics (NBS) reported Tuesday.
Production rose by 6.2 percent year on year not least due to increased steel output. The pickup in the nation's manufacturing sector helped spur a rebound in global prices of commodities and other goods, adding a welcome reflationary trend worldwide.
Retail sales increased by 10.8 percent in November in nominal terms. Total sales reached 3.1 trillion yuan ($450 billion, 423 billion euros), boosted by the annual "Singles Day" online sales promotions for November 11.
China's economic expansion had slowed significantly from the double-digit growth years of the past as Beijing was seeking to make a transition away from its dependence on exports towards domestic consumption as the key driver of the economy.
After a bumpy start to the year, it has shown resilience in the last quarter, aided by ample credit policies and the weakening of the yuan, Making Chinese goods cheaper to buy for overseas customers.
But the outlook for China's performance remains clouded by uncertainty over the coming US presidency of Donald Trump. He has threatened to slap hefty punitive tariffs on imports from China to protect American jobs.
hg/jd (AFP, Reuters)