On December 15, 2025, the National Bureau of Statistics released macroeconomic data for November. China’s November macroeconomic data show overall stability but also notable structural divergence. Industrial production continues to maintain a relatively high growth rate; external demand remains stable; consumption saw a noticeable year-on-year decline in the current month, but the cumulative growth rate is still acceptable; social financing data shows signs of marginal stabilization; inflation data has improved compared to last month, and the unemployment rate remains the same as last month.
Against this backdrop, we highlight three key observations. First, considering the offsetting effects of “Double Eleven” shopping festival and relatively stable price indices, current household consumption remains fairly robust. Second, there is a structural divergence in social financing data, with financing demand from the corporate sector continuing to improve, while the improvement in financing demand from the household sector still requires time. Third, macroeconomic data is expected to further improve in December, and the annual growth target is likely to be achieved as scheduled. The resolution of structural issues is expected to be the focus of economic work for the coming year.
