Reacting to a round of data released by the National Bureau of Statistics (NBS) over the weekend, analysts said that China is on track to meet its GDP growth target this year and should continue to focus on reforms in 2016.
Industrial output rose about 6.2 percent year-on-year in November, accelerating from 5.6 percent in October, the NBS said on Saturday. For the first 11 months, industrial output was up 6.1 percent year-on-year.
About 95 percent of major industries recorded higher production in November. Vehicle production and electronic manufacturing services gained momentum, expanding 13 percent and 11.1 percent, respectively, the NBS data showed.
"Industrial output geared up in November, mainly driven by growth in high-tech machinery and equipment manufacturing," Liu Xuezhi, an analyst at the Bank of Communications, said.
Liu noted that the rebound reflected support policies aimed at maintaining economic growth.
Because major economic indicators such as industrial production, fixed-assets investment and retail sales expanded in the first 11 months, GDP growth will stabilize near 7 percent in 2015, he told the Global Times on Sunday.
Ding Zhijie, economics professor at the University of International Business and Economics in Beijing, agreed. "Unexpected gains in industrial output and investment reflected ongoing structural adjustment and policy efforts to address the economic slowdown," Ding said.
Retail sales provided another engine of growth, rising 10.6 percent in the first 11 months from a year earlier, mainly driven by e-commerce, the NBS said.
However, real estate investment growth decelerated further in November, even though property sales picked up, according to other data released by the NBS on Saturday.
"China is still facing high inventory pressure in its real estate sector, which explains the sluggish investment numbers," Liu said.
The latest figures indicate that downward pressure continues to loom from the cooling real estate sector and industrial overcapacity.
However, more support policies such as monetary easing and structural reform on the supply front are expected to maintain sustainable economic growth in 2016, Liu noted.
