Share prices advanced Friday after the figures were released, with Hong Kong’s Hang Seng gaining 1.7% while the Shanghai Composite index rose 0.3%. The downturn in the housing market, which spills into many other sectors in addition to construction and materials, also has weighed on China’s recovery from severe disruptions of the past several years as the ruling Communist Party tried to eliminate waves of COVID-19 infections. Roughly one in five young workers is unemployed, a record high, adding to pressures on consumer spending. That is equivalent to a 3.2% annual rate, which would be among the weakest pace in decades. “Fiscal support shored up investment but the real bright spot was a healthy pick-up in consumer spending, suggesting that households may be turning slightly less cautious,” he said.Ĭhina’s economy expanded by 0.8% in the three months ending in June compared with the previous quarter, down from 2.2% in January-March. The trends in August were somewhat better than expected, Julian Evans-Pritchard of Capital Economics said in a report. “Overall, in August, major indicators improved marginally, the national economy recovered, high-quality development was solidly advanced, and positive factors accumulated,” Fu Linghui, spokesperson for the National Bureau of Statistics, told reporters.īut Fu added that there were “still many external factors of instability and uncertainty” and that domestic demand remains weak, so that “the foundation for economic recovery still needs to be consolidated.” Industrial output grew at a 4.5% annual pace, up from 3.7% in July and the fastest rate since April.
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