In November 2025, China's industrial output grew by 4.8% year-on-year, slightly down from last month's growth of 4.9%, and below the market expectation of 5.0%. This is the softest growth since August 2024, mainly due to moderate activity in manufacturing (4.6% compared to October's 4.9%) and in electricity, heating, gas, and water (4.3% compared to 5.4%). Meanwhile, mining output accelerated (6.3% compared to 4.5%). In manufacturing, 30 out of 41 major industries achieved growth, including automobiles (11.9%), computers and communications (9.2%), railways and shipbuilding (11.9%), black metal smelting and rolling (0.9%), non-ferrous metal smelting and rolling (4.8%), chemical products (6.7%), coal mining and washing (7.5%), oil and gas (5.1%), thermal energy production (4.2%), textiles (1.8%), and food manufacturing (1.7%). In the first 11 months of this year, industrial production grew by 6.0%. Month-on-month, industrial output increased by 0.44%. Source: National Bureau of Statistics of China $ETH

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