国民经济延续稳中有进态势 新动能稳步成长

Economic Performance - In November, China's economy continued to show a steady and progressive development trend, characterized by stable production growth, expanded market sales, resilient foreign trade, stable employment and prices, and strong social welfare support [1] - The industrial added value above designated size increased by 4.8% year-on-year in November, while the service production index rose by 4.2% [1] - The total retail sales of consumer goods grew by 1.3% year-on-year, and the total import and export value increased by 4.1% [1] New Economic Drivers - The new economic drivers have been continuously strengthening, with high-tech manufacturing value-added increasing by 9.2% and digital product manufacturing value-added growing by 9.3% from January to November [1][2] - The production of industrial robots and integrated circuits saw significant increases of 29.2% and 10.6%, respectively [1] Consumption and Investment Trends - There has been a rapid growth in service consumption, particularly in cultural and sports services, with retail sales in these categories increasing by over 10% year-on-year [2] - However, fixed asset investment decreased by 2.6% year-on-year, indicating a widening decline, and the growth rate of total retail sales of consumer goods is also slowing down [3] Policy Outlook - The recent Central Economic Work Conference outlined comprehensive plans for economic work in 2026, emphasizing the need for increased counter-cyclical and cross-cyclical adjustments to promote qualitative and effective improvements in the economy [3]