(Yicai) Dec. 16 -- China's economic indicators reflected a mixed performance last month as production accelerated while consumption and investment growth tempered as policy support began to take effect.

Industrial value added jumped 5.4 percent year-over-year in November, slightly up from October's 5.3 percent increase, according to data released by the National Bureau of Statistics today. The result unexpectedly exceeded Yicai-surveyed chief economists' forecasts of stable growth.

High-tech and equipment manufacturing sectors outperformed the average, rising by 7.8 and 7.6 percent, respectively. This growth was driven by policy initiatives aimed at advancing development and large-scale equipment updating.

Facing economic pressures, China has introduced a series of incremental policies since September, which have notably revived key economic indicators and bolstered social confidence in the fourth quarter, said Fu Linghui, spokesperson at the NBS. 

China is set to smoothly reach its annual economic growth targets, Fu said. The nation aims to increase its gross domestic product by around 5 percent this year.

Retail sales of consumer goods totaled CNY4.4 trillion (USD604.2 billion) last month, increasing 3 percent year-on-year—a slowdown from October's 4.8 percent growth and below chief economists' 5.3 percent projection. However, targeted trade-in policies drove sales of home appliances, furniture, and cars to expand faster at 22.2 percent, 10.5 percent, and 6.6 percent, respectively.

Fu attributed the retail sales slowdown to the earlier-than-usual Double 11 shopping festival, which prompted many consumers to make purchases in October. Combining October and November data still shows a 3.9 percent rise, an improvement from the third quarter's average of 2.7 percent.

Fixed-asset investments totaled CNY46.6 trillion (USD6.4 trillion) in the first 11 months, growing 3.3 percent year-over-year—a slight deceleration from the 3.4 percent increase in the first 10 months. Among the sectors, infrastructure investments increased by 4.2 percent, manufacturing investments grew by 9.3 percent and property development slumped by 10.4 percent.

Lian Ping, the director of Guangkai Chief Industry Research Institute, noted that after a quota hike, over CNY2 trillion in local government special bond proceeds remain to be utilized by year-end. 

The funds will likely kickstart new projects, potentially driving infrastructure investment to recover to around 5 percent growth in the fourth quarter, Lian said.

Editors: Dou Shicong, Emmi Laine