China's economic recovery gathers steam, NBS says

2023-09-15 Editor : Li Yan ECNS App Download

China's economic recovery accelerated in August as market demand improved gradually while major economic indicators picked up marginally, the National Bureau of Statistics said on Friday.

But the economy still faces many unstable and uncertain factors in the external environment while domestic demand remains insufficient, the bureau added.

The country will ensure effective implementation of the supportive policy measures in place to consolidate the foundation of economic recovery that is not yet solid, according to the NBS.

Figures released by the NBS showed China's industrial output, a gauge of activity in the manufacturing, mining and utilities sectors, grew by 4.5 percent in August from a year earlier after a 3.7 percent rise in July.

Retail sales, a key measurement of consumer spending, grew by 4.6 percent year-on-year in August, versus the 2.5 percent growth in July.

In the January-August period, fixed-asset investment – a gauge of expenditures on items including infrastructure, property, machinery and equipment – grew by 3.2 percent compared with a year earlier, while in the January-July period, it increased 3.4 percent year-on-year.

The surveyed urban jobless rate came in at 5.2 percent last month versus 5.3 percent in July, according to the NBS.

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