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China’s financial data showed a slowdown in the last month, with some caution in consumer spending and increasing pressure from the struggling economy.
Retail sales, the most important source of food, rose by 3.9 percent year-on-year in November, down from what economists predicted by 4.7 percent. Slight correction in corporate services, which grew by 3.8 percent, was offset by a drop in inflation.
New house prices lost 0.3 percent, their slower decline since early 2015 by for the third consecutive month to shrink. Commodity prices rose 6 percent in China in the year to the end of November, compared with a 7.2 percent rise at the end of October.
The weakening of China’s largest real estate sector, which generates about a quarter of all household goods, is a major economic threat to the country’s economy. he reaffirmed his commitment follow coronavirus prevention strategies.
Larger home builders have it he struggled to make enough money repaying their loans, and failing several times in recent months, hitting the market confidence.
“We expect the site to continue until the first half of 2020 before real estate sales return in the second half.
The plan pointed to the start of housing and real estate sales, which were 22.4 percent and 16.3 percent down, respectively, in November each year. New house prices fell in 70 major Chinese cities compared to October, according to data from the National Bureau of Statistics, but still remained higher than the same month last year.
Last week, Evergrande, the world’s largest debt collector, was he was finally declared unstable and US rating agency Fitch after a few months without paying interest on its international bond.
Before the corporate payday last Monday, People’s Bank of China pumped about $ 200bn into the economy by cutting the required interest rate, which is important for banks. The verdict was widely interpreted as try to reduce markets on the manufacturer’s problems.
Officials have indicated that they will reducing the monetary policy to support growth, but he is also expected to commit to taking action to cool off the stock market and reduce debt.
Shimao, a well-known company, was the most recent developer to be available in the middle of the retail market this week. The company’s $ 1bn maturity next year dropped to 64 cents per dollar, its lowest share in history.
In a statement released by its Shanghai-based company this week, the company said its operations were “normal”.
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