Here's What's Behind China's Massive Retail Sales Numbers

Over night China released a string of economic data that showed fixed asset investment growth slowed and industrial production softened as retail sales exploded higher expectations.

Retail sales climbed 13.7% year-over-year in November, from 13.3% in October. In real terms it surged to 11.8% on the year, from 11.2% the previous month. The number was largely driven by sales of goods, with catering sales staying flat.

Economists attribute the jump in retail sales to the "amazing online sales on China's Singles' Day (11 November) - the equivalent of Cyber Monday in the US," writes Wei Yao Societe Generale.

Bank of America's Ting Lu also points out that retail stores also offered strong discounts at the time to compete with online retailers.

Chinese consumers spent a record $5.7 billion in sales at Alibaba, China's largest e-commerce company. This compares with $1.9 billion that American consumers spent online during Black Friday.

Here's a quick breakdown of retail sales:

• Home appliance sales ticked up to 24.8% in November, from 20.6% the previous month.
• Home electronic sales surged 19.6% in November, compared with 12.5% the previous month.
• Food and beverage sales ticked up 14.1%, from 13.7%.
• Gold/jewelry sales were up 14.8% in November, compared with 14% the previous month.
• Sales of autos in value terms, slowed to 11.6% on the year, from 14.2%.