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November production: plus 7 percent

The Chinese economy appears to be continuing its growth course unabated, as current data from industry and retail indicates. As the Beijing Bureau of Statistics announced on Tuesday, production in industrial enterprises increased by seven percent year-on-year in November, slightly exceeding the pace from October (6.9 percent). Retail sales also made another jump, rising five percent in November after a 4.3 percent gain in October. Meanwhile, investment in fixed assets rose by 2.6 percent in the period from January to the end of November. In the spring, China’s economy felt just how serious the consequences of a tough lockdown can be. For the first time since official records began in 1992, the first quarter saw negative growth of 6.8 percent. From this coronavirus induced low, however, the Chinese economy has since recovered. In the third quarter, the second-largest economy grew by 4.9 percent year-on-year. That alone was enough to offset the previous slump in the spring. The International Monetary Fund (IMF) estimates that Chinese economic output will grow by 1.9 percent this year. That would make it the only major economy to manage any growth at all. frs

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