CBN丨Chinese economy records steady recovery in November

（原标题：CBN丨Chinese economy records steady recovery in November）

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China's economy continued to recover steadily in November thanks to the synergy created by existing supportive policies and the incremental roll-out of new stimulus, with manufacturing and service sectors witnessing accelerated growth, together with an improvement in public expectations, the National Bureau of Statistics (NBS) said on Monday. 

Output of industries above a designated level grew by 5.4 percent year-on-year in November, a 0.1 percentage point higher than last month. Output of high-tech manufacturing sector increased 7.8 percent year-on-year, 2.4 percentage points higher than the output growth of all industries.

Productions of new energy vehicles, industrial robots, integrated circuits grew 51.1 percent, 29.3 percent, 8.7 percent year-on-year in November, respectively.

Retail sales, a key measurement of consumer spending, grew 3 percent year-on-year to nearly 4.38 trillion yuan in November, among which products eligible for "trade-in" policy saw good sales performance.

In the first 11 months, fixed-asset investment, a gauge of expenditures on items including infrastructure, property, machinery and equipment, saw a 3.3 percent yearly growth to 46.6 trillion yuan.

In the January-November period, average surveyed urban jobless rate stood at 5.1 percent, down 0.1 percentage point compared with same period last year.

Officials expect China to achieve its 2024 economic goals, given major economic indicators have rebounded significantly in the fourth quarter, according to Fu Linghui, the spokesperson of the statistics bureau said on Monday. More efforts are needed to promote China's economic recovery in 2025 to boost household income and defuse risk, as a rising tide of trade protectionism renders the external environment more complex, he added.

Meanwhile, the decline in the prices of commercial residential homes in China's 70 large and medium-sized cities narrowed on a year-on-year basis in November, NBS data showed on Monday.

In the four first-tier cities, new home prices dropped 4.3 percent year on year, a decline narrowing 0.3 percentage points from October. However, Shanghai, China's economic hub, saw a 5 percent increase in new home prices last month.

Second-hand home prices in the first-tier cities went down 8 percent last month, 1.6 percentage points narrower than the decline in October.

For the 31 second-tier and 35 third-tier cities across the country, data also showed narrower drops in both new and second-hand home prices in November, according to the NBS.

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