China's economic performance was on a sound and upward trajectory in October, with significant improvements in main economic indicators such as consumption, service sector, and imports and exports, according to the National Bureau of Statistics (NBS) on Friday.
At a press conference in Beijing, Fu Linghui, spokesman for the NBS and director of the Department of Comprehensive Statistics of the NBS, said in October, a series of existing and incremental policies produced effects through synergy, contributing to a noticeable improvement in main economic indicators.
"In October, the national economic performance showed a sound and upward trajectory with significant improvements in main economic indicators. A series of existing and incremental policies were implemented in a coordinated manner and produced sustained effect, contributing to significant improvements in main economic indicators such as consumption, service sector, and imports and exports," Fu said.
"Employment and prices remained stable, public expectations continued to improve, high-quality development progressed steadily, positive factors accumulated and increased, and the national economic performance maintained steady progress and growth," he said.
The official detailed economic performance data encompassed sectors such as industry, services, consumption, and imports and exports of goods.
"In October, the added value of industrial enterprises above designated size in China increased by 5.3 percent year on year, down by 0.1 percentage points from the previous month; but it increased by 0.41 percent month on month. In October, the Index of Services Production increased by 6.3 percent year on year, 1.2 percentage points higher than the previous month. In October, the total retail sales of consumer goods reached 4.5396 trillion yuan (around 627.6 billion U.S. dollars), up by 4.8 percent year on year, growing 1.6 percentage points faster than the previous month and increasing by 0.41 percent month on month. Also in October, the total value of imports and exports of goods was 3.7007 trillion yuan (around 511.6 billion U.S. dollars), up by 4.6 percent year on year with a growth pace 3.9 percentage points faster than the previous month," Fu said.
Industrial enterprises above designated size are those with annual revenue from principal business reaching or over 20 million yuan.
China's economic performance on sound, upward trajectory in Oct: official
