China's economy maintains recovery in July

(Chinadaily.com.cn) 15:26, August 15, 2022

Consumers select products at a supermarket in Lianyungang, Jiangsu province. [Photo/Xinhua]

China's economy maintained the trend of recovery in July despite disruptions from renewed COVID-19 outbreaks and a more complicated and grimmer international environment, the National Bureau of Statistics said on Monday.

Figures released by the NBS showed value-added industrial output, a gauge of activity in the manufacturing, mining and utilities sectors, grew by 3.8 percent in July from a year earlier after a 3.9 percent rise in June.

Retail sales, a key measurement of consumer spending, rose by 2.7 percent year-on-year in July, down from the 3.1 percent rise in June.

Fixed-asset investment, a gauge of expenditures on items including infrastructure, property, machinery and equipment, increased by 5.7 percent in the January-July period compared with a year earlier.

The surveyed jobless rate stood at 5.4 percent in July from 5.5 percent in June, according to the NBS.

The NBS warned of rising global stagflation risks, saying the foundation of the recovery is not solid and more efforts are still needed.

The bureau said more efforts will be made to expand domestic demand, ensure stability in prices and employment and keep the economic operation within a reasonable range.

(Web editor: Liang Jun, Hongyu)


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