China's economic growth slowed significantly in November, intensifying calls for structural reforms. According to data released by the National Bureau of Statistics (NBS) on Monday, industrial production growth fell to a 15-month low, and retail sales showed the worst performance since the lifting of "zero-COVID" restrictions in late 2022. This was reported by UNN.
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Industrial production grew by only 4.8% year-on-year, the weakest performance since August 2024 and falling short of analysts' forecasts. Meanwhile, retail sales, a key indicator of consumption, grew by only 1.3%, significantly below expectations and showing the slowest pace since December 2022.
Economists note that Beijing's policymakers have largely relied on exports to sustain growth amid a protracted real estate market crisis and reduced subsidies. However, this strategy is becoming increasingly unsustainable due to the resentment of China's trading partners over its $1 trillion surplus.
Senior economist Xu Tiancheng said that policymakers have likely focused their attention on 2026, as the growth target of around 5% for the current year appears achievable.
The International Monetary Fund last week urged Beijing to accelerate structural reforms and take measures to address problems in the real estate sector, where about 70% of Chinese household wealth is concentrated.