Chinese consumer spending grew at its slowest pace in 15 years and factories eased up in November, official data showed Friday, raising the prospect of fresh stimulus measures as the economy sputters. The figures come just as Beijing and Washington engage in a painful trade row, while Chinese leaders are…
Chinese consumer spending grew at its slowest pace in 15 years and factories eased up in November, official data showed Friday, raising the prospect of fresh stimulus measures as the economy sputters.
The figures come just as Beijing and Washington engage in a painful trade row, while Chinese leaders are also struggling to kickstart demand at home as part of a drive to recalibrate the country’s main growth driver.
The National Bureau of Statistics said retail sales growth slowed to 8.1 percent, the weakest monthly pace since May 2003 and short of forecasts.
That comes after data at the weekend showed a sharp drop in growth for imports and exports as well as easing inflation, while the economy expanded at its slowest pace for nine years in July-September.
NBS spokesman Mao Shengyong said there « was little anxiety » about hitting China’s annual economic growth target of 6.5 percent this year, which is well down from the 6.9 percent registered in 2017.
But he added: « The environment is still severe and complex both at home and abroad, the economy is stable but still subject to changes and slowdown, and the downward pressure is mounting.
