China's economy logs a lackluster performance in November as retail sales slow

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China has reported its economy logged a mixed performance in November, with retail sales slowing as consumers refrained from spending on non-essentials like cosmetics, alcohol and jewelry

BANGKOK — China’s economy logged a mixed performance in November, the monthly government update said Monday, with retail sales slowing as consumers held back on spending on non-essentials like cosmetics, alcohol and clothing.

Officials said the economy was generally stable with positive signs including a slight improvement in the property sector.

“However, we must also see that the external environment is more complicated, domestic demand is insufficient, some enterprises are facing difficulties in production and operation, and the foundation for the sustained recovery of the economy still needs to be consolidated,” Fu Linghui, a spokesperson for the National Bureau of Statistics told reporters.

The report came days after top leaders ended an annual planning meeting that produced no major new policy initiatives as Beijing braces for potential tariff hikes once U.S. President-elect Donald Trump takes office.

Retail sales rose 3% from a year earlier, down from a 4.8% increase in October and from the 3.5% annual rate in January-November.

Factory output rose 5.4%, nearly flat compared with the previous month, while investment in fixed assets like factories slowed.

Overall, property prices fell and home sales also declined in most cities, the report said, as China endures a downturn in its real estate market after regulators cracked down on excessive borrowing by developers that plunged the whole industry into crisis.

The disruptions to jobs and businesses during the COVID-19 pandemic have further weighed on the world's