BEIJING: China’s economic performance held steady in August amid headwinds and uncertainties, with major indicators maintaining stable growth momentum, according to official data.
Figures released by the National Bureau of Statistics (NBS) showed that China’s value-added industrial output – a gauge of activity in the manufacturing, mining and utilities sectors – rose by 5.2% year-on-year (y-o-y) in August, following 5.7% growth in July.
Notably, equipment manufacturing and high-tech manufacturing reported strong performance in August, which expanded by 8.1% and 9.3%, respectively.
Retail sales, a key measure of consumer spending, grew by 3.4% y-o-y in August compared to a 3.7% rise in July.
Fixed-asset investment – a gauge of expenditures on items including infrastructure, property, machinery and equipment – rose by 0.5% during the January to August period compared to a year ago, while in the first seven months, it grew by 1.6%.
The surveyed urban unemployment rate stood at 5.3% in August, up from 5.2% in July, according to the NBS.
The NBS stated that the data showed China’s steady economic momentum with high-quality development and steady progress made in transformation and upgrading, buoyed by effective macroeconomic policies.
Recognising that challenges and risks persist in the external environment, the NBS reaffirmed its commitment to promoting the effective implementation of policies aimed at maintaining stability in employment, business activity, markets and expectations. — China Daily/ANN
