China Industrial Production

China’s industrial production expanded by 5.4% yoy in November 2024, mildly exceeding market estimates and the growth rate in October of 5.3%, mainly supported by faster rises in manufacturing (6.0% vs 5.4% in October). Meanwhile, electricity, heat, gas, and water production and supply activities (1.6% vs 5.4% in October) and mining (4.2% vs 4.6%) continued to rise. Within manufacturing, 34 out of 41 major sectors increased, notably computer and communication (9.3%), heat production (1.8%), non-ferrous metal smelting (7.4%); coal, mining, and washing (3.7%), oil and natural gas (5.3%), cars (12%), general equipment manufacturing (4.4%), chemicals (9.5%), and railway, ship, and aviation (7.9%). Conversely, output contracted for non-metallic mineral products (-2.3%). For the first eleven months of the year, industrial output grew by 5.8%. Monthly, industrial output increased by 0.46% in November, accelerating from a 0.41% gain in the previous month.