Chinese economy records steady recovery

China's economy showed a steady recovery trend supported by key economic indicators released on Monday by the National Bureau of Statistics, amid a slew of policy incentives that boosted market confidence.

Output of industries above a designated level grew by 5.4 percent year-on-year in November, a 0.1 percentage point higher than last month. The output of high-tech manufacturing sector increased 7.8 percent year-on-year, 2.4 percentage points higher than the output growth of all industries.

Productions of new energy vehicles, industrial robots, and integrated circuits grew 51.1 percent, 29.3 percent, and 8.7 percent year-on-year in November, respectively, according to the NBS.

Retail sales, a key measurement of consumer spending, grew 3 percent year-on-year to nearly 4.38 trillion yuan ($601.9 billion) in November, among which products eligible for "trade-in" policy saw good sales performance, said the NBS.

In the first 11 months, fixed-asset investment, a gauge of expenditures on items including infrastructure, property, machinery, and equipment, saw a 3.3 percent yearly growth to 46.6 trillion yuan.

In the January-November period, the average surveyed urban jobless rate stood at 5.1 percent, down 0.1 percentage point compared with the same period last year.

Despite continued recovery trend in the economy, the NBS noted mounting external challenges coupled with insufficient domestic demand and difficulties in business operations, calling for further efforts to consolidate the foundation of economic recovery.

The bureau also called for moves to expand domestic demand and high-level opening up, to achieve this year's economic and social development targets.