The Chinese economy maintains its recovery momentum in November

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Xinhua

Aerial photo taken on December 5, 2021 shows the sunrise of the Yangpu International Container Port in the Yangpu Economic Development Zone, south China’s Hainan Province.

The Chinese economy continued to recover in November despite downward pressure, with key indicators remaining within a reasonable range, official data showed on Wednesday.

Retail sales of consumer goods in November rose 3.9% year-on-year in November, while value-added industrial production rose 3.8% year-on-year last month, according to Bureau data. national statistics.

Capital investment rose 5.2% year-on-year in the first 11 months of the year, with investment in high-tech industries accelerating, the data showed.

The country’s registered urban unemployment rate stood at 5 percent in November, down 0.2 percentage points from the same period last year.

“Development resilience has been continuously strengthened and economic functioning is generally stable,” the SNB said in a statement.

The world’s second-largest economy is facing pressure from shrinking demand, supply shocks and weakening expectations, according to the Central Economic Labor Conference concluded last week.

“Despite multiple pressures, the fundamentals of China’s long-term economic development have remained unchanged,” NBS spokesman Fu Linghui told a press conference.

Data on Wednesday showed that the “real sector” of the economy has seen solid expansion. The value-added output of large firms in the manufacturing sector has accelerated growth, while high-tech industries have grown rapidly.

Production of industrial robots jumped 27.9% year on year, while production of new energy vehicles jumped 112% from a year ago.

“The real economy has continued to strengthen and the positive changes have gradually intensified. However, we must also note that the international environment is becoming more complicated and harsher, and the impact of COVID-19 in the country persists.” , said Fu.

China will continue to implement proactive fiscal policies and prudent monetary policies for steady economic progress next year, according to the key conference.

As macroeconomic policy adjustment intensifies, policies aimed at ensuring stable supply and prices take effect, and measures to increase domestic demand gain momentum, business expectations will generally remain stable, Fu said.

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