Readings of major economic barometers published by the National Statistics Bureau (NBS) Monday showed China's strong rally in the services and retail sector, with industrial value-added output growing 6.5 percent year-on-year.
China's service sector's production index rose 6.9 percent, while consumer goods sales were up 8 percent for November, both higher compared to levels estimated by analysts on Monday.
China's economy continued with its overall momentum and stability, showing signs of significant ,improvement, resilience and potential amid external uncertainties, NBS spokesman Fu Linghui said in a press conference.
Singles' Day Sales
China's online market and retail sales led to total consumer goods uptick for the month, Fu said, as the country's annual Singles' Day shopping craze saw e-commerce giants generating record profits.
Stable and consistent employment will continue to uplift consumption, Fu bared, as the urban jobless rate surveyed across the country stood at 5 percent last month, unchanged from October's rate.
In the first 11 months, a total of 12.9 million new urban jobs were created, exceeding the goal of creating more than 11 million jobs before end of 2019, statistics showed.
Industrial improvements have also continued rapidly as sectors such as high-tech manufacturing and modern services are helping to propel the change from pure expansion to quality-oriented production.
High-tech industries last month also saw an 8.9 percent increase in output and 14.9 percent and 13.1 percent increase, respectively, in investment for the January-November period.
Statistics from Monday also showed a 5.3 percent increase in fixed-asset investment in the country and a 10.3 percent increase in real estate investment in the first 11 months.
Target Acquired
China has solid grounds and requirements for achieving the goals of annual economic growth, Fu said, while calling for continued efforts to ensure stable future economic development.
With the challenge of completing the development of a moderately prosperous society in all respects and achieving the country's trade goals for 2020, China is facing increasing downward pressure amid an interconnected and cyclical economic headwind.
To be able to overcome the key challenges and fulfill its promises, China has vowed to make stabilization its top agenda and to maintain the policy structure of balanced macro and social policies that ensure that basic needs are met, as illustrated last week at the annual Central Economic Work Conference.
There should also be sustained concerted efforts to deepen supply-side structural reforms and ensure fair growth and sustainable economic improvement, the conference officials pointed out.
