China's National Economy Continues Steady Recovery in November

According to the National Bureau of Statistics, China's economy maintained its recovery momentum in November, continuing the positive trend observed since September.

China achieved another bumper grain harvest this year, with total grain output reaching 1.413 trillion jin (706.5 million tons), an increase of 22.18 billion jin (11.09 million tons) or 1.6% year-over-year. This is the first time production has surpassed the 1.4 trillion jin mark. Autumn grain output alone reached 1.0569 trillion jin (528.45 million tons), up 1.4%.

Grain sown areas expanded to 1.79 billion mu (119.3 million hectares), increasing by 5.258 million mu (350,533 hectares), or 0.3%. Average grain yield rose to 394.7 kg per mu (5.92 tons per hectare), an increase of 5.1 kg per mu (76.5 kg per hectare), or 1.3%.

In November, the value-added of China's large-scale industries increased by 5.4% year-over-year, a slight acceleration of 0.1 percentage points from the previous month, and grew 0.46% month-over-month.

- Mining grew by 4.2%.

- Manufacturing expanded by 6.0%.

- Utilities (electricity, heat, gas, and water) increased by 1.6%.

Equipment manufacturing and high-tech industries showed robust growth, increasing by 7.6% and 7.8%, respectively, outpacing the broader industrial sector.

By economic type:

- State-owned enterprises grew by 3.9%.

- Joint-stock enterprises rose by 6.0%.

- Private enterprises increased by 4.5%.

Key products, including new energy vehicles (up 51.1%), industrial robots (up 29.3%), and integrated circuits (up 8.7%), posted strong growth.

The Manufacturing PMI climbed to 50.3%, indicating expansion, while the business activity expectation index rose to 54.7%, reflecting growing confidence.

The service sector production index grew by 6.1% year-over-year in November. Modern service industries performed particularly well:

- Information transmission, software, and IT services grew by 9.3%.

- Leasing and business services expanded by 9.3%.

- Financial services increased by 8.8%.

The service sector's Business Activity Index stood at 50.1%, while the expectation index climbed to 57.3%, signaling optimism. High-performing areas included telecommunications, internet services, and financial sectors.

Retail sales of consumer goods totaled 4.3763 trillion yuan in November, up 3.0% year-over-year and 0.16% month-over-month. Rural areas outpaced urban consumption growth:

- Urban retail sales grew by 2.9%.

- Rural retail sales rose by 3.2%.

Policy-driven "trade-in" sales contributed to strong growth in key sectors:

- Home appliances and audio-visual equipment surged by 22.2%.

- Furniture grew by 10.5%.

- Automobiles rose by 6.6%.

Online retail remained robust, with total sales reaching 14.03 trillion yuan year-to-date, up 7.4%.

From January to November, fixed asset investment (excluding rural households) reached 46.5839 trillion yuan, growing 3.3% year-over-year. Excluding real estate investment, fixed asset investment grew by 7.4%.

- Infrastructure investment rose by 4.2%.

- Manufacturing investment climbed by 9.3%.

- High-tech industries increased by 8.8%.

High-tech manufacturing sectors, including aerospace equipment (up 35.4%) and electronics and communications equipment (up 8.8%), showed strong gains. High-tech services, such as professional technical services (up 27.9%) and e-commerce (up 12.5%), also performed well.

In November, China's total trade in goods reached 3.7506 trillion yuan, up 1.2% year-over-year. Exports rose by 5.8%, while imports fell by 4.7%.

Year-to-date, trade totaled 39.7861 trillion yuan, a growth of 4.9%.

- Private enterprises drove growth, with trade increasing 8.7%, accounting for 55.3% of total trade.

- Mechanical and electrical products dominated exports, growing by 8.4% and comprising 59.5% of total exports.

In November, the urban surveyed unemployment rate remained at 5.0%, unchanged from October. The rate for migrant workers stood at 4.6%, and for agricultural migrant workers at 4.4%. The average weekly working hours of employees reached 48.9 hours.

- The Consumer Price Index (CPI) rose by 0.2% year-over-year but declined 0.6% month-over-month. Core CPI (excluding food and energy) rose 0.3%, accelerating slightly.

- The Producer Price Index (PPI) fell by 2.5%, narrowing its decline by 0.4 percentage points from October.

Overall, China's economy remained stable and showed incremental improvement in November, with positive trends in industrial production, services, consumer spending, and foreign trade. However, challenges persist, including a complex external environment, weak domestic demand, and pressures on some businesses. The foundation for sustained economic recovery requires further strengthening.