China ’s consumption decrease of 5.9% in November is significantly more than expected

Under multiple outbreaks and restrictions, China's economic activity has deteriorated in November, and more interference may occur after the government's sudden exit of its zero -epidemic prevention policy in the next few months.

According to Bloomberg, the National Bureau of Statistics of China said in a statement on Thursday (15th) that the total retail sales of social consumer goods in November fell by 5.9%year -on -year, lower than the decline in economists who received Bloomberg surveys.4%estimated median value.

China's industrial added value increased by 2.2%year -on -year, as below October 5%, and the estimated median value increased by 3.5%.The increase in investment in fixed assets of farmers from January to November fell to 5.3%, and economists estimated to increase by 5.6%.The survey rate rose to 5.7%, the highest level since May.

Last month, with the increase in the new crown virus in the capital Beijing and other places, the deterioration of China's epidemic caused a stricter prevention and control measures, restricting personnel flow, factories and dying confidence.

But then the official suddenly abandoned the long -term implementation of the zero -zero strategy. As the epidemic spread, it injected more uncertainty into the growth prospects.High -frequency data such as subway and traffic data have indicated that the growth of Beijing and other places has slowed down.

In addition, the Bank of China on Thursday through the medium -term borrowing convenience (MLF) net funds of 150 billion yuan (RMB, the same below, the same, S $ 30 billion), it was the first excess over -over -continuation MLF since March this year.When liquidity is facing seasonal pressure and the continuous impact of wealth management products in the bond market, the central bank issues signals to care for funds and boost market confidence, and may help promote economic recovery.

The leadership has shown that the focus of next year will be placed on the economy, not to control the epidemic, which indicates that more financial and currency actions may be taken.

This year's economic growth is expected to slow to only 3.2%. If the economic recession caused by the outbreak of the 2020 outbreak in 2020, this will be the minimum growth rate since the 1970s.