Momentum of China's economic recovery continues in Jul

Source:China Sport ShowRelease time:20-Aug-2022Clicks:

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China’s value-added industrial output went up by 3.8 per cent year on year (YoY) in July and 0.38 per cent over the June figure. The country's retail sales of consumer goods rose by 2.7 per cent YoY last month. Other major economic indicators including the index of services production and fixed-asset investment, also posted YoY growth, National Bureau of Statistics (NBS) data showed.

The steady economic recovery led to a drop in urban unemployment rate from 5.5 per cent in June to 5.4 per cent last month, official Chinese media reported.

The recovery in July was not easy as the country had to deal with sporadic domestic COVID-19 flare-ups and high temperatures in many regions, NBS spokesperson Fu Linghui told a press conference.

"However, the economy is still in the process of recovery with the insufficient market demand as a big constraint," Fu added.

As the blocking points of the industrial and supply chains are gradually being addressed, key industries are resuming normal production, which will continue to play a supporting role for China's industrial growth.