China's economic recovery gains steam

CNC
Added On September 16, 2020

 China's economic recovery continues to gather steam with major economic indicators further improving.

 
China Report has more.
 
According to the National Bureau of Statistics, retail sales of consumer goods, a main gauge of China's consumption, returned to growth for the first time this year, rising 0.5 percent year on year in August.
 
Industrial output increased 5.6 percent year on year in August, accelerating from the rise of 4.8 percent registered in July.
 
In the first eight months, fixed-asset investment edged down 0.3 percent year on year, further narrowing from a fall of 1.6 percent posted in the January-July period.
 
Employment remained stable as the surveyed unemployment rate in urban areas stood at 5.6 percent in August, 0.1 percentage points lower than that of July.
 
Meanwhile, the country's exports in August rose at a faster-than-expected pace, increasing 11.6 percent year on year, though imports edged down 0.5 percent from one year earlier.
 
Analysts said despite pressures from both the COVID-19 fallout and floods, the country's economy has sustained a steady recovery.
Some said the country's economic growth is likely to post "an evident acceleration" in the third quarter if recovery momentum continues in September.
 
The Chinese government has rolled out a raft of measures, including more fiscal spending, tax relief, and cuts in lending rates to revive the economy and support employment.