China saw steady economic growth in August this year as indicated by the official data released by the National Bureau of Statistics (NBS) on Saturday.
"In August, the national economy operated in a stable manner on the whole. We adhered to the general principle of seeking progress while maintaining stability and implemented the new development philosophy accurately and comprehensively, strengthened macroeconomic control and focused on promoting high-quality development. The production demand continued to recover and employment and prices remained basically stable. The high-quality development continued to advance. The economy witnessed a generally stable situation and steady development," said NBS spokeswoman Liu Aihua at a press conference in Beijing.
In August, China's value-added industrial output, an important economic indicator, expanded 4.5 percent year on year, said Liu. On a monthly basis, the industrial output edged up 0.32 percent in August from the previous month.
The industrial output measures the activity of enterprises each with an annual main business turnover of at least 20 million yuan (about 2.82 million U.S. dollars).
As for consumption, retail sales of consumer goods went up 2.1 percent year on year in August.
The official data showed the rural consumption gained 3.9 percent last month from a year ago and the catering sector saw its revenue rise 3.3 percent, well above the average level.
By products, sales of communication equipment climbed 14.8 percent, cereals, oil and food went up 10.1 percent, medicines increased 4.3 percent, and home appliances rose 3.4 percent. In the first eight months combined, retail sales of consumer goods increased 3.4 percent compared to a year earlier.
Online sales remained as a bright spot, rising steadily by 8.9 percent year on year in the January-August period. In particular, sales of physical goods increased 8.1 percent, accounting for a quarter of total retail sales.
In terms of investment, the spokeswoman said that China's fixed-asset investment rose 3.4 percent year on year in the first eight months of 2024, totaling 32.94 trillion yuan (about 4.64 trillion U.S. dollars) during the period.
Investment in infrastructure construction rose 4.4 percent from a year ago during the January-August period, and manufacturing investment increased 9.1 percent. In particular, investment in high-tech industries posted robust growth, up 10.2 percent in the period.
Excluding the property sector, which was still under adjustment, the country's fixed-asset investment climbed 7.7 percent year on year in the first eight months. Meanwhile, investment in property development fell 10.2 percent.
China's job market remained stable in the January-August period as the surveyed urban unemployment rate dropped on a year-on-year basis, official data showed on Saturday.
The average of surveyed urban unemployment rate stood at 5.2 percent in the first eight months of 2024, down 0.1 percentage points from the same period of last year.
In August alone, the unemployment rate was 5.3 percent, up from 5.2 percent in July.
China sees steady economic growth in August
China sees steady economic growth in August
China sees steady economic growth in August
China sees steady economic growth in August
