Latest China data shows economy on track for 2013 target

Tuesday 10 December 2013 07.40
China looks set to be on track to achieve this year's growth targets
China looks set to be on track to achieve this year's growth targets

Growth in China's factory output and investment eased slightly in November while retail sales grew at their strongest rate this year, official data showed today.

The new figures suggest that the economy is on track to achieve the government's growth target this year.

Industrial output grew 10% in November, a four-month low and slightly below market expectations, the National Bureau of Statistics said today.

Retail sales, a key gauge of domestic consumption, rose 13.7% in November from a year earlier. That was the fastest growth since last December, and beat market expectations.

Fixed-asset investment, an important driver of economic activity, climbed 19.9% in the first 11 months from the same period last year - the weakest increase in a decade.

Economists polled by Reuters had forecast industrial output to rise 10.1% and retail sales to rise 13.3%. Fixed-asset investment for the months between January to November was seen up 20%. 

The data came after Chinese leaders began a closed-door meeting to map out their economic and reform plans for 2014.

China's economy is widely seen growing an annual 7.6-7.7% in 2013, just ahead of the government's 7.5% target.

Other data showed property investment rose 19.5% in the first 11 months of 2013 from a year earlier, quickening from 19.2% for January to October.

China's power output rose 6.8% in November from a year earlier, the first time the year-on-year growth rate had slowed since March.