China signals more policy support (same old?) as economy 'stabilises' in November

China's economy shows signs of stabilization and gradual improvement in November, although external headwinds and domestic imbalances are still weighing on the outlook. The National Bureau of Statistics (NBS) indicated that economic conditions are 'stabilizing while improving', reflecting stronger momentum in some industrial and service sectors. However, there are ongoing pressures from global demand conditions, trade uncertainty, and financial market volatility. The NBS highlighted a tension between strong domestic supply and weak demand, leading to operational difficulties for certain industries. As a result, policymakers are likely to enhance policy support to stabilize growth while managing risks. There are expectations for continued targeted support well into early 2026, especially if domestic demand does not recover decisively, indicating an intent to maintain stability amidst a challenging global backdrop.