Multiple factors to back stable performance, sustained recovery: China

The fundamentally positive outlook for China's economy has not changed, with multiple favorable factors existing for stable performance and sustained economic recovery, according to the country’s National Bureau of Statistics (NBS).

 

The country’s retail sales of consumer goods, a major indicator of the country's consumption strength, expanded by 5.1 per cent year on year (YoY) in April to 3.72 trillion yuan (~$517.27 billion), while the total value of goods trade in the month reached 3.84 trillion yuan—an increase of 5.6 per cent YoY, NBS data showed.

China's economy withstood pressure and maintained stable growth, continuing on a path of positive development amid internal challenges and increasing external shocks, NBS spokesperson Fu Linghui told a recent press conference.

In the first four months this year, retail sales of consumer goods rose by 4.7 per cent YoY, accelerating from the 4.6-per cent growth in the first quarter, and the general trade volume grew by 0.6 per cent YoY, accounting for 64 per cent of the total trade value, a state-controlled media outlet reported citing NBS data.

In the first four months, private enterprises saw a YoY increase of 6.8 per cent in foreign trade, representing 56.9 per cent of the overall trade volume, and an increase of 2.3 percentage points YoY.

China's fixed-asset investment went up by 4 per cent YoY in the first four months to 14.7 trillion yuan, the data showed. Excluding the property sector, the country's fixed-asset investment grew by 8 per cent YoY during this period.

During the period, infrastructure investment rose by 5.8 per cent YoY, while manufacturing investment increased by 8.8 per cent.

In April, the added value of the high-tech manufacturing industry increased by 10 per cent YoY, surpassing the overall industrial growth rate by 3.9 percentage points.

However, the current international environment remains complex and challenging, with a rise in unilateralism and protectionism posing serious challenges to the international economic and trade order and hindering global economic growth, Fu added.

Fibre2Fashion News Desk (DS)