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August data signifies steady recovery
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THE Chinese economy gained stronger traction last month, evident in various positive indicators such as robust factory production and improving consumer sentiment. These encouraging signs point toward a steady recovery.
Value-added industrial output went up 4.5 percent year on year in August, higher than 3.7 percent recorded in July, and retail sales of consumer goods reported a quicker 4.6 percent increase after a slowdown lasting three consecutive months, data from the National Bureau of Statistics showed on Friday.
The service sector also gathered steam as its production index went up 6.8 percent, 1.1 percentage points faster than the previous month. The surveyed urban jobless rate was 5.2 percent, lower than 5.3 percent in July.
“The economy has seen sound recovery with solid progress in high-quality development,” NBS spokesperson Fu Linghui told a press conference, noting that major indicators improved and positive factors accumulated.
Analysts believe improvements can be seen across the board.
Both factories and services warmed up and rebounds were seen in consumption, investment, and exports, Wen Bin, chief economist of China Minsheng Bank, said. “The economy is climbing out of a trough and starting to pick up gradually.”
Services emerged as an important growth driver.
In the first eight months, service consumption surged 19.4 percent from a year ago driven by contact-based services, in particular the accommodation and catering sector.
Investment in key fields maintained rapid expansion as funds put into infrastructure and manufacturing rose 6.4 percent and 5.9 percent, respectively, in the January-August period.
Consumer prices returned to growth in August and the decline of producer prices narrowed for two months in a row, indicating better supply-demand balance.
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