BEIJING, Dec 15 (Asia Free Press): Official data released by the National Bureau of Statistics (NBS) showed that China’s economy continued its recovery momentum in November despite downward pressure, with significant indicators staying within a reasonable range.
Retail sales of consumer goods in November went up 3.9 per cent year on year in November, while value-added industrial output increased 3.8 per cent year on year last month, according to NBS.
The data showed that fixed-asset investment went up 5.2 per cent year on year in the first 11 months of the year, with investment into high-tech industries accelerating, reported Xinhua.
The country’s surveyed urban unemployment rate stood at 5 per cent in November, 0.2 percentage points lower than the same period last year.
“The resilience of development has been continuously enhanced and the economic operation is generally stable,” the NBS said in a statement.
According to the tone-setting Central, Economic Work Conference concluded last week, the world’s second-largest economy is faced with pressure from demand contraction, supply shocks, and weakening expectations.
“Despite multiple pressures, the fundamentals of China’s long-term economic development stood unchanged,” said NBS spokesperson Fu Linghui at a press conference.
“The real economy continued to strengthen and positive changes have gradually increased. However, we must also see that the international environment is becoming more complicated and severe, and the impact of COVID-19 at home is still lingering,” Fu further claimed.
In addition, Fu added that as macro policy adjustment intensifies, policies to ensure supply and price stability take effect and measures to expand domestic demand gain momentum, expectations from firms will generally maintain stability.
Wednesday’s data showed that the “real sector” of the economy registered solid expansion. The value-added output for significant companies in the manufacturing sector accelerated growth, while high-tech industries saw rapid growth.