BEIJING, China – Growth in China’s factory output declined further in November in a new sign of weakness in the world’s second-largest economy.
Government data on Friday showed industrial production rose by 7.2 per cent over a year earlier. That was down from October’s 7.7 per cent growth and September’s 8 per cent rate.
On Thursday, communist leaders at an annual planning meeting affirmed their commitment to the “new normal” of slower growth as they try to steer China toward more sustainable expansion based on domestic consumption.
Economic growth slowed last quarter to a five-year low of 7.3 per cent, below the official full-year target of 7.5 per cent.
The ruling party cut interest rates unexpectedly Nov. 22 to shore up growth but analysts say it could take several months before the economy rebounds.