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China's industrial output rose by 6.4 percent year-on-year in July,
down by 1.9 percentage points than that of June, sending the two-year
average growth to 5.6 percent, the National Bureau of Statistics said on
Monday. Retail sales of consumer goods reached about 3.5 trillion yuan ($540
billion), growing by 8.5 percent year-on-year, down by 3.6 percentage
points than that of June and higher than that of the same period in 2019
and last year, with average two-year growth reaching 3.6 percent. Investment in fixed assets (excluding rural households) reached more
than 30 trillion yuan in the first seven months, up by 10.3 percent on a
yearly basis, and 2.3 percentage points lower than that in the first
six months. In the first seven months, newly increased employed people in urban
areas totaled 8.22 million, completing 74.7 percent of the annual
target. In July, the surveyed urban jobless rate came in at 5.1 percent,
0.1 percentage point higher than June. The NBS said China's economic growth was in line with expectations, with a stable recovery momentum. However, with an increasingly complex and severe external
environment, and the combined impact of sporadic local outbreaks of
COVID-19 and natural disasters, the economic recovery is still unstable
and uneven, it said. China needs to accurately implement routine epidemic prevention and
control measures, make good cross-cycle macro policy adjustment, and
implement macro policies in a scientific and targeted manner to promote a
sustained recovery and steady growth of the economy, according to the
NBS.
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