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Retail sales in China beat expectations in November, increasing pressure on policymakers as they struggle to revive momentum in the world's second-largest economy.
The consumption gauge rose 3 percent year-on-year, below forecasts of 4.6 percent in a Reuters poll, and 4.8 percent last month. Industrial production rose 5.4 percent, slightly above forecasts.
The unexpected slowdown in growth comes days after Chinese Communist Party leaders called for vigorous efforts to boost consumption and showed signs of a greater focus on domestic demand at the annual Central Conference on economic work.
Beijing has struggled to restore confidence amid a real estate slowdown, now entering its fourth year, and deflation crises. The government unveiled a series of measures aimed at boosting stock markets at the end of September and refinancing local government debt last month.
Chinese stocks fell Monday morning. The CSI 300 index of blue-chip companies listed in mainland China was down 0.6 percent by mid-morning, while Hong Kong's Hang Seng index fell 0.4 percent. China's 10-year sovereign bond yield fell 0.05 percentage points to 1.73 percent and its 30-year yield fell below 2 percent for the first time.
Last week's conference work report listed consumption as the top of nine economic priorities for 2025, ahead of new productive forces that have become a central pillar of President Xi Jinping's approach.
The emphasis is one of several signs of growing urgency from the government, including a change in its monetary policy stance last week from moderately cautious to moderately accommodative for the first time in more than a decade .
In November, consumer prices rose just 0.2 percent, their lowest level in five months. Prices have risen every month since January, but growth has remained close to deflationary territory, heightening concerns about the strength of domestic demand.
Consumer spending has been an economic concern in China during the Covid-19 pandemic, when the government imposed strict lockdown measures to prevent the spread of the virus, and has failed to fully rebound since reopening there is almost two years old.
Beijing has set a growth target of around 5% for 2024, which Xi pledged last week to achieve, saying China would continue to play its role as the world's main engine of economic growth.
Property investment fell 10.4 percent in the 11 months to the end of November, the Bureau of National Statistics said, compared with a 10.3 percent drop in the first 10 months.
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