BEIJING — China’s retail sales missed expectations in November, while industrial production beat, the National Bureau of Statistics said Wednesday.

The November retail sales grew 3.9% compared to a year earlier, which was below the 4.6% increase predicted by a Reuters poll.

In November, industrial production increased by 3.8% compared to a year earlier. This was higher than the poll’s expectation of 3.6%.

Investment in fixed assets for the year ended November increased by 5.2%, slower than expected 5.4%.

China’s economy was hit hard by a slower property market. Beijing is trying to limit developers’ debt dependence. According to Moody’s, real estate and related industries account for around 25% of China’s Gross Domestic Product.

Tourist and business activity has been restricted by intermittent travel restrictions in order to manage Covid pockets, but consumer spending remains low.

China’s exports remain a strong spot in the economy. They rose by 22% to November from one year ago.

Chinese authorities did not release any stimulus money to the economy. They have also taken less drastic measures in response to rising inflation and tighter monetary policy elsewhere.

On Wednesday, however, the People’s Bank of China reduced the requirement for reserve ratios in most banks.

It was also the second year in a row that banks were required to keep less cash on reserve. The central bank said that the reduction of 0.5 percentage points to 8.4% in reserve for financial institutions results in 1.2 trillion yuan (or $187.5 million) being freed up.

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— Correction: This article has been updated to remove an inaccurate reference to the historical China is experiencing rapid growth in retail sales.