US President-elect Donald Trump’s vow to impose tariffs exceeding 60% on Chinese goods could push Beijing to accelerate plans to rebalance its $19 trillion economy, analysts said.
However, retail sales, a gauge of consumption, grew at its weakest pace in three months at 3.0% last month, much slower than a 4.8% rise seen in October.
“Worries about the poor retail sales may be overdone, as it results from an early start of the ‘Double 11’ shopping festival which frontloaded sales to October,” said Xu Tianchen, senior economist at the Economist Intelligence Unit.
“If we smooth the October-November data, then growth should average around 3.9%, which is higher than the previous months,” he added.
On Monday, Moody’s Ratings raised China’s GDP growth forecast to 4.2% from 4% for 2025.
Persons:
Trump, Donald Trump’s, ”, Dan Wang, “, Xu Tianchen, Julian Evans, Pritchard
Organizations:
Beijing Reuters, China’s, National Bureau of Statistics, Analysts, Economist Intelligence Unit, Reuters, Economic Work, Communist Party, Capital Economics
Locations:
Beijing, Shanghai, China