China weathers trade headwinds with greater economic resilience

Added On August 16, 2019

A spokesperson of the NBS said on Wednesday that facing mounting challenges home and abroad, the Chinese economy continued to operate within a reasonable range with steady upward momentum.
In the first seven months of this year, high-tech industries outpaced the overall industrial sector in both investment and output.
The investment in high-tech manufacturing surged 11.1 percent year on year, while high-tech manufacturing output rose 8.7 percent.
Foreign trade also maintained steady expansion. Exports expanded 10.3 percent in July alone and imports went up 0.4 percent.
Excluding auto sales, which were affected by the country's new emissions standards that came into effect in July, retail sales rose 8.8 percent last month, holding steady with that in June.
Job data offers a wealth of information regarding economic strength. a total of 8.67 million new urban jobs created in the first seven months, accomplishing 79 percent of the annual target.
Foreign direct investment (FDI) into the Chinese mainland expanded 7.3 percent year on year in the January-July period.
Domestic consumption remains at a high level. A report from Nielsen showed that the consumer trend index stood at a relatively high of 115 points in the second quarter, similar to that of the last quarter.
Meanwhile, the NBS spokesperson noted that the current external environment is more severe and complicated and the country's economic development faces growing downward pressure.
The spokesperson said China is confident and determined to implement stabilizing policies, strengthen innovation, inject market vitality and promote sound and stable economic development.