Retail sales in China missed expectations in November, adding to pressure on policymakers after President Xi Jinping signalled last week that he wants to spur household consumption to boost the world’s second-largest economy.
The consumption measure added 3 per cent year-on-year, below a forecast of 4.6 per cent in a Reuters poll, and last month’s rise of 4.8 per cent. Industrial production added 5.4 per cent, slightly above predictions.
The unexpectedly weaker growth comes days after the Communist party leadership called for “vigorous” efforts to boost consumption and domestic demand at the annual Central Economic Work Conference last week.
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