<img src='https://news.cgtn.com/news/2024-09-14/China-sees-steady-August-economic-growth-1wTk5Aykudy/img/94be5c3eb11b48acbcfc7f0ac9c45b85/94be5c3eb11b48acbcfc7f0ac9c45b85.jpeg' alt='People buy vegetables at a local farmer's market in Nanjing, August 9, 2024./CFP'
China’s economy remained generally stable with its push towards high-quality development showing steady progress last month, the National Bureau of Statistics (NBS) said Saturday alongside the release of August economic data.
Consumer market has maintained stable recovery
Retail sales went up 2.1 percent year on year in August, the NBS said in a statement.
In terms of products, sales of communications equipment climbed 14.8 percent, while sales of cereals, oil and food went up by 10.1 percent. Medicine sales increased by 4.3 percent, and that of home appliances and audio and video products rose by 3.4 percent.
Online sales remained a bright spot for the economy, rising by 8.9 percent year on year in the January-August period. Specifically, sales of physical goods increased by 8.1 percent and accounted for a quarter of total retail sales.
NBS spokesperson Liu Aihua highlighted a recovery trend in the consumer market, especially in services, new-type consumption and online sales.
Recent vibrant summer travel and strong demand for cultural products and tourism underlined the great potential of service consumption, while digital and green consumption also emerged as a new favorite among consumers, Liu said.
China has rolled out an array of measures to boost consumption this year, including a program promoting large-scale equipment upgrades and consumer goods trade-ins.
Recently, the government further stepped up efforts to encourage the purchase of automobiles and home appliances, among others.
Bruce Pang, the chief economist and head of research at JLL Greater China, said growth in commodity sales, restaurant revenue and online retail sales, all of which have benefited partly from policy support, remained relatively solid.
He added that the focus should be on promoting the development of highly dynamic consumer sectors.
China’s industrial output sustained stable growth
The country’s value-added industrial output, an important economic indicator, expanded 4.5 percent year on year in August.
On a monthly basis, the industrial output edged up 0.32 percent in August from the previous month.
Addressing a press conference, Liu said that nearly 80 percent of industries and over 50 percent of products registered year-on-year increases.
The equipment manufacturing sector contributed 47.9 percent to the entire industrial output growth, she said, adding that new growth drivers for the manufacturing sector are being strengthened.
Fixed-asset investment maintains stable expansion
China’s fixed-asset investment rose 3.4 percent year on year in the first eight months of 2024, totalling 32.94 trillion yuan ($4.64 trillion) during the period.
Investment in infrastructure construction rose 4.4 percent from a year earlier during the January-August period, while manufacturing investment increased by 9.1 percent.
Excluding the property sector, which was still going through an adjustment period, the country’s fixed-asset investment increased by 7.7 percent year on year in the first eight months of 2024. Meanwhile, investment in property development fell by 10.2 percent.
Boosted by vibrant demand unleashed by China’s new round of large-scale equipment upgrades and trade-in of consumer goods, the country’s fixed-asset investment sustained stable expansion, Liu said.
NBS data revealed that investment in purchasing equipment, tools and instruments in the first eight months of the year had jumped 16.8 percent year on year.
Liu highlighted the role of investment in providing solid support for fostering new impetus, as more capital flowed into burgeoning high-tech sectors.
(With input from Xinhua)
