MNI BRIEF: China's Nov Investment, Sales Slow

China’s fixed-asset investment growth fell further by 2.6% y/y in the first 11 months, expanding from the 1.7% fall in the Jan-Oct period and missing the -2.3% median forecast, also hitting the lowest level since Jun 2020, National Bureau of Statistics data showed Monday.

Property investment fell further by 15.9% in the first 11 months, after a 14.7% decline in Jan-Oct, marking the second sharpest drop in record following a 16.3% fall in the first two months of 2020. Infrastructure investment fell 1.1% while manufacturing investment grew 1.9%, compared with the previous 0.1% fall and 2.7% growth. 

Retail sales slowed for the sixth month, rising 1.3% y/y to hit the lowest level since Dec 2022, down from October's 2.9%, and underperforming the 2.9% forecast. Industrial output grew by 4.8% y/y, slowing from October's 4.9% and missing the 5.0% forecast, also marking the lowest since Aug 2024.