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China's financial crackdown slows investment growth in November


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China's financial crackdown slows investment growth in November

China's factory output and retail sales were steady in November but Beijing's financial crackdown crimped investment growth, data from the National Bureau of Statistics showed.

Industrial output was up 6.1% annually in November after 6.2% growth in October. In the year to November, the nation's industrial production increased by 6.6% over the previous corresponding period.

The annual fixed-asset investment growth slowed to 7.2% in the January to November period, 0.1 percentage point lower than the growth rate in the first 10 months. By the end of November, total investments reached 57.51 trillion yuan.

Private fixed asset investment growth in the period from January to November also slowed to 5.7% from 5.8% in the first ten months.

Property sector investments were also affected by the government's drive to rein in an overheated property market. Property investment reached 10.04 trillion yuan in the 11 months to November, a 7.5% year-over-year increase, and down from 7.8% annual growth in the first 10 months.

Meanwhile, growth in retail sales of consumer goods lingered near the 10% to 11% range seen in the last two years. Sales reached 3.41 trillion yuan in November, up 10.2% year over year, said the NBS. From January to November, China's total retail sales of consumer goods reached 33.15 trillion yuan, up 10.3% year over year on a nominal basis.

As of Dec. 13, US$1 was equivalent to 6.62 Chinese yuan.