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China industrial production, retail sales growth top estimates in November

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China industrial production, retail sales growth top estimates in November

China's industrial output and retail sales rose more than expected in November, while growth in business investment was flat, data from the National Bureau of Statistics showed.

Industrial production grew 6.2% year over year in November, following a 4.7% rise in October. The consensus estimate of economists polled by Econoday was for a 5.0% annual print in November.

In the first 11 months of the year, industrial output rose 5.6%, unchanged from the growth rate in the January-October period.

Retail sales growth accelerated to 8.0% last month from 7.2% in October, outpacing the Econoday consensus of 7.6%. Retail sales were up 8.0% in the 11 months to November.

Fixed asset investment, excluding rural households, rose 5.2% year over year in the 11 months to November, the same rate of increase as that in the January-October period. That growth rate matched the Econoday consensus.

The uptick in the indicators may be short-lived, with downward pressure on growth "likely to resurface before long," wrote Martin Lynge Rasmussen, China economist at Capital Economics.

The U.S. and China agreed to the text of a phase-one deal, as part of which scheduled U.S. and Chinese tariffs on each other's goods will be suspended.

The phase-one deal could boost export activity and corporate investment in the near term, but real estate is primed for "a moderation as financing to the sector is being squeezed by a regulatory crackdown," Rasmussen said.