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Singapore’s primary Chinese language newspaper Lianhe Zaobao recently reported that, data just released by China’s National Bureau of Statistics showed the year-over-year growth rate of retail sales of consumer goods in November, a key indicator of consumption, slowed sharply to 1.3 percent from 2.9 percent in October. The numbers are far below market expectations and reached the lowest growth rate since the end of the strict Zero-Covid measures in December 2022.

Automobile sales were the major drag on retail growth, falling 8.3 percent year-over-year in November, down from -6.6 percent in October and marking the lowest level since April 2022. Growth in trade-in goods such as home appliances and mobile phones also generally slowed. The year-over-year growth rate of gold and silver jewelry consumption fell 29.1 percent from its high to 8.5 percent. And the year-over-year growth rate of catering also slowed to 3.2 percent in November, down from 3.8 percent in October.

Economists pointed out that the problem of insufficient aggregate demand in China’s economy remains severe. The overall overcapacity problem led to insufficient demand. It’s worth noting that the data from the National Bureau of Statistics also shows the year-over-year growth rate of real estate investment further declined by -30.1 percent in November.

Source: Lianhe Zaobao, December 15, 2025
https://www.zaobao.com.sg/finance/china/story20251215-7968567

The World Steel Association says China’s long-standing steel overcapacity problem is becoming increasingly difficult to resolve. Despite a prolonged property slump and weak domestic demand, China’s crude steel output has hovered near 1 billion tons a year for two decades. Sharp production cuts could have serious economic and employment consequences given steel’s central role in the economy.

High output has driven Chinese steelmakers to boost low-priced exports, pressuring producers in Europe, the United States, and Asia. Worldsteel expects China’s steel demand to decline further in 2025–26 without an economic rebound. In response, countries including Vietnam, Thailand, Mexico, Brazil, the EU, the U.S., and Canada have imposed or expanded anti-dumping and countervailing duties, with some tariffs reaching double-digit levels.

Domestic capacity-cut efforts are constrained by local governments’ reliance on steel for jobs and revenue. Although China is seeking new markets such as the Middle East, rising global trade barriers are narrowing export options, with some analysts forecasting China’s direct steel exports could fall by half within five years.

Source: Epoch Times, December 8, 2025
https://www.epochtimes.com/gb/25/12/8/n14650989.htm

Over the past three years, China’s credit card industry has undergone a sharp contraction, with nearly 100 million credit cards canceled since 2022. According to the latest data from the People’s Bank of China, the total number of credit cards in circulation — including combined credit and loan cards — fell to about 707 million by the end of the third quarter of 2025, extending a steady downward trend.

Banks are shifting their credit card strategies from rapid expansion toward quality-focused management, driven by tighter regulation and changing market conditions. Major lenders have been actively clearing inactive, or “sleeping,” cards and scaling back new issuances, although a few banks continue to record modest growth in card numbers.

The downturn is also evident in branch closures and weakening consumer usage. This year alone, 63 bank-run credit card centers have shut down. Many banks have reported declines in total card spending and outstanding credit balances, while loan quality has deteriorated, with rising delinquency rates at several major institutions. Analysts attribute the contraction to stricter regulatory policies, shifting consumer payment habits — particularly the rise of mobile payments — and broader economic pressures.

Source: Stock Times, December 8, 2025
https://stcn.com/article/detail/3529096.html