China's economy is on the move! 🚀 In July, the nation saw steady growth, as revealed by the National Bureau of Statistics (NBS) on Thursday.
One of the highlights is the value-added industrial output, a key economic indicator, which expanded by 5.1% year-on-year. 📈 On a monthly basis, it edged up 0.35% from June.
During a press conference, NBS spokesperson Liu Aihua shared some exciting news: \"80% of industries and nearly 60% of products registered year-on-year increases.\"
The service production index didn't lag behind, increasing by 4.8% year-on-year in July, a slight acceleration from the previous month. 🎉
When it comes to spending, China's retail sales of consumer goods went up by 2.7%, hitting nearly 3.78 trillion yuan ($529 billion). 💰
Bruce Pang, chief economist of JLL Greater China, pointed out that services consumption stood out: \"The growth rate of consumption, after excluding automobile consumption, was faster than that of the same period last year, effectively stabilizing the economy after a slight slowdown in investment growth.\"
Investment-wise, China's fixed-asset investment rose by 3.6% year-on-year to approximately 28.76 trillion yuan. Meanwhile, foreign trade reached 3.68 trillion yuan, reflecting a 6.5% year-on-year increase. 🌐
Liu added, \"The scale of investment in fixed assets has expanded, the import and export of goods have grown rapidly, and the trade structure has continued to be optimized.\"
With numbers like these, China's economy seems to be cruising ahead smoothly! 🔥
Reference(s):
cgtn.com
