China’s economy demonstrated robust growth in July, as revealed by official data from the National Bureau of Statistics (NBS) on Thursday. Key economic indicators showed positive trends, highlighting the resilience of the world’s second-largest economy amid global uncertainties.
China’s value-added industrial output, a significant measure of economic activity, expanded by 5.1% year-on-year in July. On a monthly basis, industrial output edged up 0.35% from the previous month.
At a press conference, NBS spokesperson Liu Aihua stated that 80% of industries and nearly 60% of products registered year-on-year increases.
The service production index increased by 4.8% year-on-year in July, accelerating by 0.1 percentage points from the previous month, indicating a steady recovery in the service sector.
In addition, China’s retail sales of consumer goods rose by 2.7% year-on-year to nearly 3.78 trillion yuan ($529 billion).
Bruce Pang, chief economist of JLL Greater China, noted that services consumption stood out in July. He added that the growth rate of consumption, excluding automobile consumption, was faster than that of the same period last year, effectively stabilizing the economy after a slight slowdown in investment growth.
Fixed-asset investment increased by 3.6% year-on-year, reaching approximately 28.76 trillion yuan, while foreign trade showed robust performance with a trade volume of 3.68 trillion yuan, reflecting a 6.5% year-on-year increase.
Liu Aihua commented that the scale of investment in fixed assets has expanded, and the import and export of goods have grown rapidly, with the trade structure continuing to be optimized.
Overall, China’s steady economic growth in July underscores the nation’s resilience and the effectiveness of its economic policies. The positive trends across industrial output, services, consumption, investment, and trade suggest a solid foundation for sustained growth in the coming months.
Reference(s):
cgtn.com
