Chinese economy retains growth momentum in August

0 Comment(s)Print E-mail Xinhua, September 17, 2019
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File photo taken on May 11, 2016 shows a manufacturing workshop of Beijing Automotive Group in Huanghua, north China's Hebei Province. [Photo/Xinhua]

China's economic performance remained stable in August with signs of intrinsic strength and buzzing vitality abounding.

Readings of major economic indicators released by the National Bureau of Statistics (NBS) revealed continued growth in the first eight months despite monthly fluctuations, NBS spokesperson Fu Linghui told a press conference on Monday.

China's job market remained generally stable in the first eight months of the year, with the surveyed urban unemployment rate dropping 0.1 percentage points to 5.2 percent last month and a total of 9.84 million new urban jobs created during the January-August period.

The government has unveiled a slew of measures to bolster employment, including targeted support for college graduates, migrant workers and veterans, as well as employment-related training programs, said Fu.

Retail sales of consumer goods, excluding automobiles, rose 9.3 percent year on year in August, up 0.5 percentage points from the previous month.

"Consumption growth remains an ever more robust driver for the economy," said Fu.

Meanwhile, consumption of services is estimated to continue double-digit growth, he added.

Evidence of industrial upgrade are noticeable in both services and manufacturing.

The service sector continued to expand, with modern services including information technology, leasing and commercial services leading the growth, according to NBS data.

High-tech manufacturing beat the overall industrial output growth in August by 1.7 percentage points with its 6.1-percent year-on-year increase, putting the figure in the January-August period at 8.4 percent.

Investment in high-tech manufacturing rose 12 percent and in high-tech services up 14.9 percent, both leading overall investment growth in their respective sectors.

High-tech-related investment is expected to further expand given China's pledge to support financing of enterprises in science and innovation, according to Li Chao, an analyst at Huatai Securities.

Monday's data also showed slower growth in property investment, fixed-asset investment and industrial output in August.

Speaking about economic prospects in the near future, Fu reiterated commitment to counter cyclical measures adjustments and other pro-growth measures in an effort to anchor further development.

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