Hey there, globe-trotters! 🌏 Did you hear? China's economy is making waves this August, showing off some steady growth that's got everyone buzzing!
According to the National Bureau of Statistics (NBS), China's push towards high-quality development is paying off. Retail sales climbed by 2.1% year-on-year in August. But here's the cool part: sales of communications gadgets skyrocketed by 14.8%! 📱💥
And it's not just tech. People are stocking up on food essentials, with cereals, oil, and food sales up 10.1%. Medicine sales increased by 4.3%, and home appliances saw a 3.4% boost. Looks like everyone's upgrading their kitchens! 🍳
Online shopping is still the MVP, rising by 8.9% in the January-August period. That's a quarter of all retail sales happening online! 🛍️💻
NBS spokesperson Liu Aihua noted the consumer market is on the mend, especially in services and new types of consumption. With vibrant summer travel and a hunger for cultural experiences, it's clear that people are eager to get out there and explore.
China's been rolling out measures to boost consumption, including programs promoting equipment upgrades and trade-ins for consumer goods. The government's also encouraging purchases of cars and home appliances. 🚗🧺
Bruce Pang, chief economist at JLL Greater China, says the growth in commodity sales, restaurant revenue, and online retail is partly thanks to policy support. He suggests focusing on developing dynamic consumer sectors to keep the momentum going.
On the industry's side, China's value-added industrial output grew 4.5% year-on-year in August. That's steady growth, with nearly 80% of industries and over 50% of products seeing increases.
Fixed-asset investments are also on the rise, up 3.4% in the first eight months of 2024, totaling a whopping 32.94 trillion yuan ($4.64 trillion). Investments in infrastructure and manufacturing are up, though the property sector's still cooling off.
With more capital flowing into high-tech sectors and solid support for new growth drivers, China's economy is showing resilience and a knack for bouncing back. 🌟
Reference(s):
cgtn.com
