China’s factory output grew faster than expected in November, supported by stronger energy production and a moderation in sky-high materials costs, but new curbs to fight rising COVID-19 cases hit retailers in the world’s second-largest economy.
Factory production rose 3.8 per cent in November from a year earlier, official data showed on Wednesday, beating expectations for a 3.6 per cent rise and accelerating from a 3.5 per cent increase in October. China’s economy, which is losing steam after a solid recovery from the pandemic last year, faces multiple challenges heading into 2022, due to a property downturn and strict COVID-19 curbs that have hit consumer spending.
Some analysts expect fourth-quarter gross domestic product growth to dip below 4 per cent from the 4.9 per cent pace in the previous quarter, although the full-year growth could still be about 8 per cent, above the official target of over 6 per cent.