China’s Consumption Crisis Deepens: Retail Sales Plunge to 1.3%, Sounding Alarm for Global Growth

China’s transition to a consumption-led economy suffered a major setback in November, as official data revealed a sharp deceleration across key economic pillars. Retail sales growth collapsed to just 1.3% year-on-year, significantly missing market estimates of 2.9% and falling sharply from the prior month's 2.9%.