China's retail sales rose 3% in November from a year ago, according to National Statistics Office data released on Monday, missing the forecast of 4.6% in a Reuters poll.

This marked a sharp drop from growth of 4.8% in the previous month. Retail sales in October had recorded the fastest growth since Februaryhelped by the annual Singles' Day shopping festival that kicked off more than a week before from the event in 2023.

November industrial production increased by 5.4% from a year agoAbove expectations of growth of 5.3% among economists polled by Reuters, which also compares with a departure of 5.3% in the previous month.

This year, the second largest economy in the world was facing pressure from several fronts. Consumer and business confidence has been hit by a prolonged property downturn, local government debt risks and high unemployment.

Last week, in high level meetings of economic policythe Chinese leadership has shown greater urgency to strengthen the ailing economy, while shifting the country's policy focus to boost consumption as Beijing prepares for a potential escalation in trade tensions with the United States.

Top officials promised to implement "proactive fiscal tools" and "moderately loose" monetary policies next year, and to "strongly" raise domestic consumption and stimulate demand "on all fronts" , according to the State-run Xinhua News Agency.

That marked the first time that Beijing acknowledged that its monetary policy should be looser than the fund of the global financial crisis in 2008.

Since late September, Beijing has stepped up stimulus announcements in an effort to boost the faltering economy, including several interest rate cuts and loosened property purchase rules. On the fiscal front, the finance ministry revealed 10 trillion yuan of five years ($1.4 trillion) program in November to address the local government debt problems.

Still, the latest economic data from China highlighted persistent deflationary pressures in the flagging economy.

Consumer inflation fell to the lowest level in five months in November, with retail prices rising a muted 0.2% from a year ago. China's producer price index extended the downward trend, falling for the 26th straight month.

Of the country imports fell 3.9% amid sluggish consumer demand, which marked the sharpest drop since September 2023, while exports rose by a smaller-than-expected 6.7%.

Beyond a trade-in program to incentivize the sale of cars and home appliances, Beijing's stimulus measures announced so far have not been aimed directly at consumption.

While the economic planning meetings last week provided a major political spotlight and direction for next year, more details and details will be revealed only in the annual legislative sessions in March.

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