Economic Watch: China further consolidates economic recovery momentum

Business 19

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BEIJING, Sept. 16 (Xinhua) -- The recovery momentum of the Chinese economy was sustained in August, with most key indicators posting better performances than in July, data from the National Bureau of Statistics (NBS) showed on Friday.

Despite the complex global situation, sporadic COVID-19 outbreaks at home, extreme weather and other negative factors, the Chinese economy has maintained a recovery trend, with expanding production and demand as well as the overall stability of employment and prices, NBS spokesperson Fu Linghui told a press conference.

"These figures prove the strong resilience, huge potential and ample room for growth of the Chinese economy," Fu said.

In August, China's industrial output rose 4.2 percent year on year after the price factor was deducted, the data showed. The equipment manufacturing industry registered 9.5 percent year-on-year growth, 1.1 percentage points faster than in July.

New impetus for economic development sustained the growth steam, Fu said. In the January-August period, the value-added output of high-tech manufacturing firms with annual main business revenues of at least 20 million yuan (about 2.89 million U.S. dollars) increased 8.4 percent year on year, and investment in high-tech industries climbed 20.2 percent.

The country saw its retail sector perk up last month, with the retail sales of consumer goods increasing 5.4 percent year on year -- the fastest pace since February.

"Domestic demand is on the mend," Fu said. With pro-consumption policies taking effect, the consumption potential in key areas has been unleashed and the size of the retail sales market has continued to expand, he said.

Fixed-asset investment went up 5.8 percent year on year in the first eight months, accelerating from the 5.7 percent increase posted in the first seven months.

Driven by steady economic recovery, the country's surveyed urban unemployment rate continued to slide in August, down from 5.4 percent in July to 5.3 percent last month.

The better-than-expected data followed the country's endeavors to shore up the economy. Last month, the State Council announced 19 follow-up policies to shape greater synergy within the supportive policy package already in place.

The State Council has also sent working groups to 16 provincial-level regions to supervise and provide services for localities in resolving difficulties in policy implementation.

However, amid uncertainties brought by the complex global situation and the persistent triple pressures of shrinking demand, disrupted supply and weakening expectations, "the foundation for economic recovery still needs to be consolidated," Fu noted.

Looking ahead, China will take solid steps to ensure the implementation of pro-growth policies, expand effective demand, and stabilize employment, prices and expectations to keep the economy running within a reasonable range and work for the best results possible, Fu said. ■

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