China's industrial output, retail sales continue to rise in August
2024-09-14
China reported key economic figures on Saturday showing slower growth on industrial production, consumer spending, and investments, which called for greater policy support to consolidate the country's economic recovery.
Figures released on Saturday by the National Bureau of Statistics showed China's value-added industrial output, a gauge of activity in the manufacturing, mining, and utilities sectors, grew by 4.5 percent in August from last year following a 5.1 percent rise in July.
China's retail sales, a key measure of consumer spending, grew by 2.1 percent year-on-year in August, down from the 2.7 percent growth in July.
In the January-August period, fixed-asset investments, a gauge of expenditures on items including infrastructure, property, machinery, and equipment, rose by 3.4 percent from last year, while in the January-July period, it grew by 3.6 percent year-on-year.
The surveyed urban unemployment rate came in at 5.3 percent in August versus 5.2 percent in July, according to the NBS.
The NBS highlighted challenges including mounting negative factors from the external environment and lack of effective demand domestically, saying more efforts should be made to accelerate the implementation of various reform measures and build a stronger base for continued economic recovery.
