Economic Watch: Chinese economy's

recovery momentum continues in

July
Source: Xinhua
Editor: huaxia
2022-08-15 15:50:30
  
National Bureau of Statistics (NBS) spokesperson Fu Linghui (R) attends a press conference held by

the State Council Information Office on China's multiple key economic indicators in July, in Beijing,

capital of China, Aug. 15, 2022. (Xinhua/Chen Yehua)

BEIJING, Aug. 15 (Xinhua) -- The Chinese economy maintained its
recovery trend in July with major economic indicators posting steady
growths despite domestic COVID-19 outbreaks and heatwaves.
China's value-added industrial output went up 3.8 percent year on
year in July and 0.38 percent over June, data from the National
Bureau of Statistics (NBS) showed Monday.
The country's retail sales of consumer goods climbed 2.7 percent year
on year last month, with sales of consumption-upgrading goods like
jewelry and household appliances expanding fast.
Other major economic indicators including the index of services
production and fixed-asset investment also posted year-on-year
growths, the NBS data showed.
Thanks to the steady economic recovery, the country's surveyed
urban unemployment rate continued to drop in July, down from 5.5
percent in June to stand at 5.4 percent last month.
The continued economic recovery in July didn't come by easily as the
country had to deal with sporadic domestic COVID-19 flare-ups and
high temperatures in many regions, NBS spokesperson Fu Linghui
told a press conference.
Fu pointed out that the Chinese economy's upgrading and
transformation also pressed ahead.
In July, the output of new energy vehicles and solar cells rose 112.7
percent and 33.9 percent year on year, respectively.
In the January-July period, the added value of high-tech
manufacturing increased 9 percent year on year, and investment in
high-tech industries climbed 20.2 percent.
"However, the economy is still in the process of recovery with the
insufficient market demand as a big constraint," Fu said, adding that
the foundation for economic recovery needs to be consolidated.
Newly added social financing, a measurement of funds that individuals
and non-financial firms receive from the financial system, came in at
756.1 billion yuan (about 112.16 billion U.S. dollars) last month, down
319.1 billion yuan from the same period last year, data from the
country's central bank showed.
Fu expected that the household consumption will gradually recover
with more sophisticated epidemic prevention and control and pro-
consumption policies. In particular, the preferential policies for
automobile and home appliance consumption will drive the sales
growth of big-ticket items.
As the blocking points of the industrial and supply chains are gradually
being addressed, key industries such as automobiles are resuming
normal production, which will continue to play a supporting role for
China's industrial growth.
"With joint efforts, the economic recovery momentum is expected to
sustain," Fu said. ■