China's economy held to a steady path in November, with industrial output, services activity and consumer spending expanding, even as investment and the property sector remained under pressure, according to data released by the National Bureau of Statistics on December 15.

China recorded another year of stable grain production, with total output reaching 1.43 trillion jin, up 1.2% from a year earlier. Autumn grain rose 1.5%, while grain acreage and per-mu yields both inched higher.

Industrial production continued to grow at a moderate pace. Value-added output at larger industrial firms rose 4.8% in November from a year earlier, and 6.0% for the first 11 months. High-tech and equipment manufacturing outpaced overall growth, expanding 8.4% and 7.7% respectively. Output of 3D printing equipment, industrial robots and new energy vehicles climbed 100.5%, 20.6% and 17%. The manufacturing PMI stood at 49.2, rising slightly from October, while industrial firms' profits grew 1.9% in the January–October period.

Services activity also strengthened. The services production index grew 4.2% in November, with information services, leasing and business services, and finance posting faster gains. For the first 11 months, the index rose 5.6%, while major services enterprises reported revenue growth of 7.6% for January to October.

Retail sales totaled 4.39 trillion yuan in November, up 1.3% year-on-year. Sales of daily necessities and certain discretionary goods strengthened, and online retail expanded 9.1% in the first 11 months, with physical goods accounting for 25.9% of total retail. Service-related consumption rose 5.4% over the same period.

Fixed-asset investment fell 2.6% in the January–November period, dragged down by a 15.9% decline in property development. Excluding real estate, investment rose 0.8%. Manufacturing investment grew 1.9%, while infrastructure investment dipped 1.1%. High-tech industries—particularly information services and aerospace manufacturing—recorded double-digit gains.

Trade momentum improved. Total goods trade rose 4.1% in November, with exports up 5.7% and imports rising 1.7%. For the first 11 months, exports increased 6.2%, led by strong shipments of mechanical and electrical products. Trade with Belt and Road partner economies grew 6.0%, and private firms' share of total trade rose to 57.1%.

Employment conditions remained broadly stable. The nationwide surveyed jobless rate held at 5.1% in November, with major cities recording the same reading. Average weekly working hours stood at 48.6.

Consumer inflation rose 0.7% in November, with category-level changes showing food, clothing, household services and healthcare all posting modest increase, while transport and communication costs continued to decline; core CPI rose 1.2%. Producer prices continued to fall year-on-year but edged up month-on-month.

The statistics bureau said the economy remained generally stable but warned of weak domestic demand and persistent external uncertainties, calling for more proactive macro policies to stabilize expectations and support growth.