China's November Economic Data Signals Deepening Slowdown in Domestic Demand

On December 15, the National Bureau of Statistics of China issued November 2025 economic indices that showed a steeper-than-anticipated slowdown in important growth factors. At just 1.3% year-on-year, retail sales fell drastically from 2.9% in October and well below economist expectations of roughly 2.8–2.9%. Year-on-year industrial output increased 4.8%, slowing from 4.9% earlier and falling short of the expected 5.0% mark, therefore emphasizing continuing poor consumer consumption in the face of restrained domestic demand.

Supported by online sales of tangible goods, which grew 5.7% and made up 25.9% of all retail, accumulated retail sales increased 4.0% year over year during the first eleven months of 2025. Industrial value added for big businesses climbed 6.0% over the same period. From January to November, fixed asset investment (not including rural households) fell 2.6% year over year, deepening from the previous period's decline and more than expected, a smaller decrease.

In November, despite general softness, strength zones developed in high-tech sectors with high-tech production growing 8.4% and equipment manufacturing expenditure up 7.7%. These statistics highlight China's continuous difficulties with low household consumption and investment, even as lawmakers wrestle with balancing supply-side changes and demand stimulation in a complicated international setting.