China Consumer Slowdown Shows Urgent Need to Encourage Spending
- Retail sales rise 3% in November, slowest pace in three months
- Data comes after policymakers vowed to boost consumer spending
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China’s retail sales growth unexpectedly weakened in November despite signs of improvement in the housing market, highlighting the urgency for Beijing to further encourage residents to spend.
Retail sales rose 3% from a year ago, the slowest pace in three months and undershooting even the most bearish of forecasts. Industrial output increased 5.4%, keeping momentum as the manufacturing side of the economy continues to outperform consumer spending.