According to data from the National Bureau of Statistics of China, the total retail sales of social consumer goods in November fell by 5.9 % year -on -year, the largest decline in half a year.In November, China's local epidemic affected most provinces. Residents' reduction of travel and limited consumption scenarios was limited. Non -essential commodity sales and clustered consumption were significantly impacted.Last month, the most affected catering industry, revenue dropped by 8.4 % compared with the same period last year; the retail sales of goods fell by 5.6 %.

Chen Jing Shanghai special agent

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The impact of the epidemic and sealing, China's economic activities have deteriorated in November.Although the official has greatly relaxed the control of epidemic prevention this month, the analysis predicts that the rapid heating up the epidemic has caused the economy to continue to face downward risks. The Chinese economy will not have to get out of the pain during the epidemic prevention transformation after the Spring Festival next year.

The data released by the National Bureau of Statistics of China on Thursday (December 15) shows that the total retail sales of consumer goods in November fell by 5.9 % year -on -year, the largest decline in half a year.This is also the third month of the community zero year -on -year.

The Statistics Department of the National Bureau of Statistics, the Statistical Department of Trade, interpreted that in November, China's local epidemic affected the majority of provinces. The reduction of residents' travel and consumption scenarios were limited. Non -essential commodity sales and clustered consumption were significantly impacted.Last month, the most affected catering industry, revenue dropped by 8.4 % compared with the same period last year; the retail sales of goods fell by 5.6 %.

The growth rate of industrial added value above designated size fell sharply from 5 % in October to 2.2 % in November, with market expectations below 3.5 %.Tang Wei Wei, deputy director of the Industry Department of the Bureau of Statistics, admitted that the epidemic in November was widely affected and industrial production fell.However, he also emphasized that the added value of industrial added in the first 11 months of this year increased by 3.8 % year -on -year, and the steady growth trend has not changed. With the implementation of the anti -epidemic prevention measures and the effective efficiency of economic measures, the industrial economy is expected to continue to recover.

The price of 70 large and medium -sized cities released on the same day showed that China's house prices continued to weaken in November.The price of new commercial housing in 70 cities decreased by 0.25 % month -on -month, which was narrowed from 0.37 % in October; however, the residential sales area decreased by 31 % year -on -year, and the decline was expanded from October 23 %.

China's financial management department issued a series of measures to rescue property market last month to help housing companies relieve liquidity pressure.The analysis pointed out that the relevant policies mainly solve the supply side problem. To improve the demand side, it is still necessary to rely on the overall economy to improve the confidence of home buyers, and this requires a broader policy to make more time and more time.

With the weakening of various economic activities, the unemployment rate of urban investigation rose to the highest 5.7 % since May this year, 0.2 percentage points higher than October.The unemployment rate of large cities and major labor age has increased.

The epidemic is climbing to 6.7 % in the central city concentrated 31 cities.

As the October epidemic set out for the concentrated ongoing cities such as Beijing, Guangzhou, Chongqing, in 31 large cities in urban urban surveys in the month, the unemployment rate rose by 0.7 percentage points to 6.7 %.6.9 % in May.The survey rate of major labor age groups between 25 and 59 reached 5 % in November, an increase of 0.3 percentage points from October.

Xie Dongming, director of the Research Director of the Greater China of Singapore Overseas Chinese Bank, was analyzed during an interview with Lianhe Morning Post that China will excessively relax the control of epidemic prevention, leading to surge in infected people. It is expected that consumer activities will continue to be impacted in the short term.Taking Beijing as an example, the congestion index that reflects the movement of personnel has plummeted 35 % this month. "Personal flow has decreased, maybe because more people live in their homes, or because they are worried about infection and do not go out, this will affect consumption."

But Xie Dongming is optimistic that the current Chinese economy is in "the darkness before dawn", and the situation will gradually improve with the number of infections from peak.If the prevention and control is not obviously tightened, it is expected that after the New Year of the lunar calendar next year, the epidemic in various places will continue to over the peak period, and economic activities will be significantly recovered.However, whether the annual Spring Festival will cause the epidemic to start again, it is another uncertain factor.

As the infected infected by Beijing crown disease surges, the conference of the National Economic Operation Conference held offline is temporarily changed to network release.However, according to Reuters, the CPC Central Committee's Economic Work Conference will be held on Thursday and Friday two days this week.How the decision -making layer is settled by the economic situation next year and whether it will propose more stimulus measures is the focus of external attention.