By Michalis Voutsinas and Helen Vlassi
MACRO ENVIRONMENT
China’s industrial output grew by 2.2 percent year-on-year in November, slowing from a 5.0 percent pace seen in previous month and missing expectations for 3.6 percent growth.
November’s retail sales marked the worst contraction since May, shrinking by 5.9 percent year-on-year, compared to expectations for a 3.7 percent drop.
China’s State council issued a strategic plan to support domestic demand and stimulate consumption investment until 2035.
Exports form China witnessed a sudden drop of 8.7 percent year-on-year in November to USD 296.1, billion after declining 0.3 percent in previous month.
Imports to China tumbled by 10.6 percent year-on-year in November to USD 226.21 billion, down from a marginal gain of 0.7 percent in October.
China posted a total trade surplus of USD 69.84 billion in November, compared with a USD 85.15 billion surplus in the previous month.
PRICE ENVIRONMENT
China’s producer-price index slipped to 1.3 percent from a year earlier in November. \
China’s factory-gate prices showed an annual drop for a second straight month in November, indicating weak activity and soft demand due to strict pandemicrelated measures.
On a monthly basis, China’s producer price index rose by 0.1 percent in November, marking its fourth consecutive month of decelaration..
China’s consumer price index inched up its slowest pace since March, by 1.6 percent from a year earlier in November.
Non-food prices rose by 1.1 percent year-on-year in November without any significant change since last month.
On a monthly basis, November’s consumer price index declined by 0.2 percent after a gain of 0.1 percent in October.
MANUFACTURING 1/2
China’s production of crude steel shrank by 6.5 percent from a year earlier in November to 74.54 million tonnes, as mills cut output to stem losses.
Average daily output in November stood at 2.49 million tonnes, marking its slowest pace since the beginning of the year.
During the first eleven months of 2022, China churned out 935.11 million tonnes of crude steel, or down 1.4 percent from a year earlier.
The official manufacturing Purchasing Manager's Index (PMI) came in at 48.0 in November, down by 1.2 percent monthon-month
The sub-index measuring total new orders balanced at 46.4 percent or down 1.7 percentage points from previous month.
China’s Purchasing Manager’s Index (PMI) dropped below the threshold territory, signaling a deterioration in market demand.
MANUFACTURING 2/2
China’s real estate investment dropped by 19.9 percent year-on-year in November, marking its steepest drop since 2000, after a slump of 16.0 percent in previous month.
Property sales by floor area dropped by 14.0 percent year-on-year in November, continuing the double-digits fall for the 9 th straight month.
China’s central bank announced a 16- point set of internal directives including credit support for debt-laden housing developers, financial support to ensure handover of projects, and assistance for deferred-payment loans for homebuyers.
November’s total value added of industrial enterprises above the designated size increased by 2.2 percent over the previous year.
During the first eleven months of 2022, the added value of industries grew by circa 3.8 percent year-on-year.
In terms of sectors, the value added of mining increased by 5.9 percent year-onyear; that of manufacturing increased by 2.0 percent year-on-year.
ENERGY 1/2
Electricity production in China reached circa 666.7 billion kwh in November, or with a marginal year-on-year increase of 0.1 percent.
From January to November, the power generation was 7.6 trillion kwh, up by circa 2.1 percent year-on-year.
In terms of varieties, the growth rate of solar power kept flat year-on-year in November, while the growth of nuclear power stood 11.1 percent higher than October’s figure.
China‘s hydropower output decreased by 14.2 percent year-on-year in November to 77.95 billion kwh.
November’s hydropower output in China lay at 21.5 percent lower than October’s reading.
China’s solar power generation stood 24.7 percentage points lower than a reading of 15.75 billion kwh in previous month.
ENERGY 2/2
Electricity generated from thermal power in China balanced at circa 475.41 terawatthours in the previous month.
China ‘s thermal power output increased by 1.4 percent year-on-year in November.
November’s figure stood 6.8 percentage points higher than that of the previous month.
During November, China generated circa 60.2 terawatt-hoursfrom wind power.
Wind power electricity generation during the past month increased by circa 5.7 percent year-on-year.
During the past month, nuclear power generation decreased by 11.1 percent from a year earlier, while it stood 3.7 percentage points higher than last month.
