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hina's retail sales fell short of expectations in November, growing by just 3% from a year ago, according to data released by the National Bureau of Statistics. This marked a significant slowdown from October's 4.8% growth, which was boosted by the Singles' Day shopping festival. The disappointing sales figures come as Beijing struggles to revive sluggish demand and boost its economy.

    The real estate market continues to weigh on consumer confidence, with investment in this sector shrinking by 10.4% for the January-November period. Economists say that while recent economic data shows a fragile but upward momentum, it's unlikely to translate into a significant turnaround in consumption sentiment due to falling home prices.

    Industrial production rose by 5.4% in November, beating expectations, and fixed asset investment grew by 3.3% for the year through November. However, consumer inflation fell to a five-month low of 0.2%, and producer price index extended its downward trend, falling for the 26th straight month.

    Despite these challenges, Chinese authorities have signaled a shift in policy focus towards boosting consumption as they prepare for potential trade tensions with the US. Top officials vowed to implement "proactive fiscal tools" and "moderately loose" monetary policies next year, aiming to lift domestic consumption and stimulate demand.

    The trade-in program for used goods has helped to boost sales of home appliances, furniture, and cars in November, growing by 22.2%, 10.5%, and 6.6% respectively. However, the urban unemployment rate remained unchanged at 5% in November, while the youth jobless rate stood at a record high of 17.6% in September.

    Beijing's stimulus measures have so far focused on interest rate cuts and loosened property purchase rules, but more specifics will be unveiled at the annual legislative sessions in March. The country's imports declined by 3.9% amid sluggish consumer demand, while exports rose by smaller-than-expected 6.7%.