In July, China’s economic growth was in line with expectations, employment, and prices remained relatively stable.
Source: National Bureau of Statistics of China
CSI 300 Index down -0.099%, USD CNY down -0.02%
Industrial production in China Improved steadily as the high-tech manufacturing industry depicted a strong momentum of growth.
China’s service sector also continued to rebound, and the business revenue of enterprises grew fast. July’s Index of Services Production increased by 7.8% YoY, down 3.1% from June and higher than the same period in 2019 and 2020.
Market sales continued to improve, and online retail sales grew faster. In July, the total retail sales of consumer goods in China soared 8.5% YoY to reach 3,492.5 billion yuan.
Investment in fixed assets was relatively stable and growth of investment in manufacturing accelerated. In the first two quarters, the investment in fixed assets rose by 10.3% YoY to 30,253.3 billion yuan.
China’s value of imports and exports rose by 11.5% YoY to reach 3,265.7 billion as employment remained relatively stable and urban employment continued to increase. But given the evolving global situation of the Covid-19 pandemic reveals China’s economic recovery is still unstable and uneven.