促消费稳投资政策有望加快推出

Core Viewpoint - The article highlights the overall stability of China's economy in November, despite some downward pressure on growth, with a focus on the resilience of exports and the recovery of service consumption [1][2][3]. Economic Data Summary - In November, the industrial added value for large-scale enterprises grew by 4.8% year-on-year, while the cumulative growth from January to November was 6.0%, showing a slight decline from the previous month [3]. - The service production index increased by 4.2% year-on-year in November, with a cumulative growth of 5.6% from January to November, indicating stable growth [3]. - Retail sales of consumer goods rose by 1.3% year-on-year in November, with a cumulative increase of 4.0% from January to November, surpassing last year's growth rate [5]. Sector Performance - Emerging industries and modern services are experiencing rapid growth, with specific sectors like electronic materials and integrated circuits seeing increases of 22.9% and 24.6% respectively from January to November [5]. - The production index for information transmission, software, and IT services grew by 12.9% year-on-year in November, reflecting a strong momentum in modern service development [5]. - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year from January to November, but manufacturing investment grew by 1.9%, indicating a shift towards new productive forces [6]. Export and Trade - In November, the total value of goods imports and exports increased by 4.1% year-on-year, with exports growing by 5.7% and imports by 1.7% [6]. - From January to November, the total value of goods imports and exports rose by 3.6%, with exports increasing by 6.2% and imports by 0.2%, demonstrating resilience in trade [6]. Policy Outlook - The Central Economic Work Conference signaled a commitment to implement policies aimed at boosting consumption and stabilizing investment, with a focus on achieving a growth target of around 5% for the year [1][8]. - Plans for 2026 include a special action to boost consumption and measures to enhance investment, particularly in infrastructure and emerging industries [9][10]. - The government aims to optimize the investment environment and stimulate private investment, recognizing significant potential in urbanization, technological innovation, and infrastructure [10][11].