11月经济数据点评

Investment Data - From January to November 2024, national fixed asset investment (excluding rural households) reached 465,839 billion yuan, with a year-on-year growth of 3.3%[2] - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 4.2%, while manufacturing investment increased by 9.3%[2] - Real estate development investment decreased by 10.4%, marking a 0.1 percentage point increase in the decline compared to the previous value[5] Industrial Performance - From January to November 2024, the industrial added value for large-scale industries grew by 5.8% year-on-year, with November's growth at 5.4%[2] - The manufacturing investment maintained a year-on-year growth of 9.3%, with high-tech manufacturing investment at 8.2%, down by 0.6 percentage points from the previous value[10] Consumer Trends - The total retail sales of consumer goods increased by 3.5% year-on-year from January to November 2024, with November's growth at 3%, a decline of 1.8 percentage points compared to the previous value[18] - The sales area and sales amount of commercial housing saw a year-on-year decline of 14.3% and 19.2%, respectively, but the decline has narrowed compared to previous values[5] Economic Outlook - The central economic work conference emphasized the need for more proactive fiscal policies to support infrastructure projects and stabilize the real estate market[7] - Risks include potential economic recovery falling short of expectations and geopolitical tensions escalating[20]