March 25, 2023

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Emirates News Agency - China's economy returned to a relatively slow pace in July

Emirates News Agency – China’s economy returned to a relatively slow pace in July

BEIJING, Aug. 16 (WAM) – China’s economy continued its recovery in July, but growth in industrial production and retail has slowed due to the corona virus novel, natural disasters in some parts of China and increasing uncertainty from abroad. Shown today.

The country’s industrial output rose 6.4 percent in July from a year earlier, to 8.3 percent in June, according to the National Bureau of Statistics. The figure came in at 7.8 per cent and 7.9 per cent against expectations. The two-year average growth was 5.6 percent.

Retail sales of consumer goods rose 8.5 percent last month, down from 12.1 percent in June. This was lower than expectations for an increase of 11.5% and 10.9%, and saw a two-year average growth of 3.6%.

At the press conference, Fu Linghui, a spokesman for the National Statistics Office, said that some key indicators had seen a slowdown in growth due to increased uncertainty overseas, domestic flooding and the Govt-19 cases, but the indicators were still within reasonable range, and the economy continued to recover.

On the other hand, investment in fixed assets increased by 10.3 percent in the first seven months. Growth was also up against expectations of 11.3 percent. The two-year average saw growth of 4.3 percent. Private sector investment increased by 13.4 per cent from January to July, accounting for 60 per cent of total investment.

The estimated unemployment rate was 5.1 percent in July, up from 5 percent in June, according to the National Bureau of Statistics. China has set a 5.5 percent unemployment rate for the full year.

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The recession of key economic indicators led to continued growth, including heavy rains and flooding in Henan Province and the Yangtze River Delta, delta-changing eruptions in Nanjing, and targeted austerity measures in polluting properties. And fields.

Speaking about the impact of the floods on domestic consumption, Fu Linghui, a spokesman for the National Bureau of Statistics, said consumption in July in provinces such as Henan, Jiangsu and Hunan was lower than in the previous month, and in hotels and sectors. Restaurants also saw a slowdown in growth.

The recession is short-lived, Fu said, and consumption recovery is expected to continue. With more people being vaccinated, new cases being effectively controlled and employment and population rising, the consumer market is expected to remain stable.

In the first half of this year, the real growth rate of personal disposable income was 12 percent over last year, much faster than in the first quarter of the year. Per capita consumer spending actually increased by 17.4 percent in the first half, accelerating faster than 12 percent growth in resident income, which, according to Fu Linghui, represents an increase in population consumption preference.

However, experts expect retail sales to fall sharply in August as the delta variable spread to many parts of China and local governments imposed drastic measures.

Wam / Qawla Jafri Al-Sharif

WAM / China / Zakaria Mohiltin