Chinese industrial output surged in November to its fastest pace since June 2007, underlining the economy’s brisk recovery from the global downturn and accompanying the return of consumer inflation and import growth.

But exports continued to fall from year-earlier levels, contrary to forecasts of a return to growth, feeding into economists’ expectations that the central bank will not be keen to tighten monetary policy significantly in coming months as it waits to see how external demand holds up.

The results drive home the solidity of China’s part in global recovery and the prospect that rising prices, especially for food, could be policymakers’ next big test.