China’s economy remains pressured by weak external conditions, insufficient domestic demand, and operational challenges, the National Bureau of Statistics said, though overall activity stayed broadly stable. In November, official data showed that industrial output rose 4.8% yoy, the least in 15 months, reflecting weaker momentum in manufacturing and utilities. At the same time, retail sales grew 1.3%, the softest rise since December 2022, despite consumer subsidy programs, while the surveyed jobless rate held at a four-month low of 5.1%. Meantime, fixed-asset investment fell 2.6% during the first 11 months of 2025, a steeper drop than expected and earlier readings. Figures released earlier also noted that new yuan loans remained subdued in November, due to sluggish credit demand as cautious households limited the impact of policy support. Also, vehicle sales grew 3.4% yoy, sharply slower than October’s 8.8% gain, as fading incentives and tighter household budgets weighed on demand.
