The data suggested a further deterioration in economic conditions as lockdowns in many Chinese cities, a property-sector crunch and weakening global demand pointed to a bumpy road ahead
China’s economy lost more steam in November as factory output slowed and retail sales extended declines, both missing forecasts and clocking their worst readings in six months, hobbled by surging COVID-19 cases and widespread virus curbs.
Retail sales fell 5.9 per cent amid broad-based weakness in the services sector, also the biggest contraction since May. Analysts had expected the gauge of consumption to shrink 3.7 per cent, accelerating from a 0.5 per cent dip in October. China’s central bank ramped up cash injections into the banking system on Thursday and held interest rates on the medium-term policy loans, or MLF, to keep liquidity conditions ample.
Policy-makers have rolled out support for the sector on almost all fronts, including credit lines from banks, bond financing and equity financing, but analysts said such effects have yet to be seen as home sales still remained weak. “December data might be even worse – that’s not because everything is getting worse in China, because the end of the tunnel is coming,” said Alicia Garcia-Herrero, chief economist of Asia-Pacific at Natixis.
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