15.12.202503:02:36UTC+00Headwinds Drag on November Economic Activity

China's economy continues to face pressure from weak global conditions, limited domestic demand, and operational hurdles, according to the National Bureau of Statistics. Despite these challenges, overall activity remains relatively stable. In November, official statistics revealed a 4.8% year-on-year increase in industrial output, marking the smallest rise in 15 months and highlighting weaker momentum in manufacturing and utilities sectors. Concurrently, retail sales recorded a 1.3% growth, the most modest increase since December 2022, despite efforts through consumer subsidy programs. The unemployment rate, based on surveys, remained at a four-month low of 5.1%. Meanwhile, fixed-asset investment declined by 2.6% in the first 11 months of 2025, exceeding expectations of a downturn and previous estimates. Earlier reports indicated new yuan lending in November stayed low, attributed to sluggish credit demand as cautious households reduced the effect of policy measures. Additionally, vehicle sales rose by 3.4% year-on-year, a significant slowdown from October's 8.8% increase, as diminishing incentives and stricter household budgets suppressed demand.