(Yicai Global) Dec. 15 -- China's economic recovery was plagued by new Covid-19 outbreaks last month as indicators of production, investment, and consumption, rebounded slower.

The industrial value added, which reflects changes in production, rose by 2.2 percent in November from a year ago, according to data released by the National Bureau of Statistics today. In October, the growth rate had been 5 percent.

Total retail sales of consumer goods fell by 5.9 percent, expanding the pace of decreasing by 5.4 percentage points from October. Meanwhile, retail sales of goods dropped by 5.6 percent.

Because of the increased short-term impact of Covid-19 outbreaks, industrial production has decreased, but is generally stable from a cumulative perspective, said Tang Weiwei, deputy department director at the NBS. The industrial economy is expected to continue to recover with the implementation of optimal pandemic prevention and control measures, Tang added.

The NBS said that the national economy maintained the trend of recovery and remained in a reasonable range despite sharper-than-expected pressures at home and abroad. The foundation for economic recovery is still not solid as the international environment is becoming more complex, the bureau said. Next, it is necessary to boost market confidence while stabilizing economic growth, employment, and prices to improve economic conditions, it added.

New energy fields are booming. The domestic output of electric cars surged by 61 percent year-over-year. Production of new energy equipment, including charging piles, photovoltaic batteries, and wind power turbines, rose by more than 50 percent. Solar power equipment was in high demand as outputs of ultra-white glass and polysilicon more than doubled.

Residents traveled and consumed less due to the pandemic. In particular, they spent less on offline services, proven by an 8.4 percent slump in total catering revenues.

The sales pressures are mainly caused by the short-term impact of the pandemic, said Fu Jiaqi, statistician at the bureau. However, the recovery momentum in the consumer market is stable. Despite the widening offline sales decline, online consumption has accelerated growth, Fu added.

China's express development index climbed by 1.2 percent in November, according to the State Post Bureau. The volume of parcels processed exceeded 4.2 billion units during the Double 11 shopping festival while the average daily processing volume reached over 380 million pieces, 30 percent above the usual.

Three years into the pandemic, the 2023 theme of China's economy should be a gradual resumption of operations, according to Ding Anhua, chief economist of China Merchants Bank.

The return of normal economic activities will significantly boost consumption, especially that of services, as happened overseas, Ding said, adding that macro-policies should also continue to support the growth of infrastructure and manufacturing investments.

Editor: Emmi Laine, Xiao Yi