China’s economic struggles continue as property, private investment drag - South China Morning Post

A lingering weakness in China’s property sector and private investment continued in November, data released on Friday showed, in a further warning that more government action is needed to shore up investor confidence and reduce financial risks in 2024.

Property investment, a key gauge for market sentiment in the crisis-hit sector, fell by 9.4 per cent in the first 11 months 2023 compared with a year earlier, according to the National Bureau of Statistics (NBS).

Fixed-asset investment expanded by 2.9 in the first 11 months, year on year, unchanged from the growth seen in the January-October period.

Private investment, meanwhile, declined by 0.5 per cent in the first 11 months of the year, compared to a year earlier.

However, Beijing still faces lots of challenges, such as low market confidence, weak domestic demand, as well external uncertainties.

Elsewhere, retail sales rose by 10.1 per cent in November, year on year, up from the 7.6 per cent growth in October, but below the 12.6 per cent growth forecast by Wind.

The increase, however, was partially affected by last year’s low base, when retail sales fell by 5.9 per cent, year on year, as a result of China’s coronavirus pandemic control measures.

China’s industrial output rose by 6.6 per cent, compared to 4.6 per cent growth in October.

Finally, the urban surveyed unemployment rate stood at 5 per cent, year on year, unchanged from October.

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