China's economic recovery gathers steam as major indicators improve further

0 Comment(s)Print E-mail Xinhua, November 17, 2020
Adjust font size:

Economic Watch: China's economic recovery gathers steam as major indicators improve further - Xinhua | English.news.cn

China's economy continued its robust recovery in October as effective COVID-19 control and government policies to boost demand and consumption led to broad-based improvements in major economic indicators.

Retail sales of consumer goods, the main gauge of China's consumption, climbed 4.3 percent year on year to 3.86 trillion yuan (about 584.5 billion U.S. dollars) last month, quickening from the 3.3-percent gain in September, according to data released by the National Bureau of Statistics (NBS) on Monday.

In particular, the catering industry reported a 0.8-percent increase in revenue, the first expansion this year as the hardest-hit sector struggled to recover from the coronavirus impacts, the data showed.

Fu Linghui, spokesperson for the NBS, attributed the pick-up in consumer spending to the country's effective epidemic control, increased resident income and pro-consumption policies.

The country's value-added industrial output edged up 6.9 percent year on year in October, unchanged from that of September, the NBS said, highlighting the contribution of equipment manufacturing, which logged a 10.8-percent increase year on year.

The new energy vehicles (NEV) sector was a bright spot in equipment manufacturing. NEV output surged 94.1 percent year on year in October as unleashed pent-up demand and supportive policies boosted the auto market.

Other key economic indicators also showed signs of steady economic revival.

Fixed-asset investment went up 1.8 percent year on year in the first 10 months of the year, 1 percentage point higher than the rise in the first nine months.

China's surveyed unemployment rate in urban areas stood at 5.3 percent in October, 0.1 percentage points lower than that of September.

"The October data mirrored the strong resilience of China's economy and its ability to recover," Fu said.

As indicated by the data, imbalances in the economic operation have been adjusted, Fu said, adding that the growth driver is gradually shifting from investment to consumer spending, which will be conducive to developing a more sustained economy.

To cushion the impact of the COVID-19 epidemic, China has rolled out a raft of measures, including more fiscal spending, tax relief, and cuts in lending rates and banks' reserve requirements to stabilize growth and employment.

Looking forward, the country has foundations and conditions to sustain economic recovery, including good prospects of consumption, fast growth in industrial output and increased investment, Fu said.

Fu projected China's economic growth to further accelerate in the fourth quarter compared with that of the previous two quarters, as government measures aimed at supporting enterprises in difficulties and financial policies to bolster the broader real economy will continue to be effective.

However, Wen Bin, chief analyst at China Minsheng Bank, cautioned that China should still be watchful for the COVID-19 re-emergence as the global pandemic situation remains grave.

To further consolidate economic recovery, China needs to step up support for key areas, strengthen weak links, and roll out policies to accelerate domestic demand recovery, Wen said.

Follow China.org.cn on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter
主站蜘蛛池模板: 国产色在线视频| 拨开内裤直接进入| 亚洲欧美综合国产精品一区| 精品午夜福利1000在线观看| 国产人va在线| 久久福利资源网站免费看 | 大胸年轻的搜子4理论| 丁香六月色婷婷| 美女扒开尿口让男人捅| 国产午夜精品理论片| 久久国产真实乱对白| 国产精品免费久久久久影院| 97青青草原国产免费观看| 天天躁日日躁狠狠躁| 中国videos性高清免费| 无码专区国产精品视频| 久久久久人妻一区精品色欧美| 日韩欧美国产师生制服| 五月婷婷综合在线| 校草让我脱了内裤给全班看| 亚洲国产成人久久综合区| 欧美精品hdvideosex| 亚洲男女内射在线播放| 浪潮AV色综合久久天堂| 人妻丰满熟妇av无码区| 男女无遮挡动态图| 免费播放春色aⅴ视频| 精品久久久久久国产| 别揉我胸啊嗯奶喷了动态图| 美女18一级毛片免费看| 四虎精品成人免费影视| 色94色欧美sute亚洲线| 国产一区二区精品人妖系列| 怡红院成人在线| 妞干网手机免费视频| 万古战神txt下载| 怡红院一区二区三区| 一级毛片免费毛片毛片| 强3d不知火舞视频无掩挡网站| 乡村乱妇一级毛片| 李采潭一级毛片高清中文字幕 |