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China Economy: NBS official: Economic recovery better-than-expected in first two months of this year

Officials from China’s National Bureau of Statistics say the country’s economy posted a better-than-expected recovery during the first two months of this year despite multiple challenges and sporadic COVID-19 outbreaks. Dai Kaiyi has more.

As the effect of stabilizing policies and stronger support for the bricks-and-mortar economy kicked in, the National Bureau of Statistics says the latest figures show that China’s economy is on the track of recovery.

FU LINGHUI Spokesperson of Department of Comprehensive Statistics, National Bureau of Statistics “The national economy sustained steady recovery, the production demand grew fast, employment and prices were generally stable, new driving forces continued to develop, and high-quality development made new progress.”
The manufacturing industry kept growing as it rose over 7 percent, 3.5 percentage points higher than the December last year, and the investment in the field also posted a faster growth than other economic categories.
Meanwhile, imports and exports were up rapidly as the total value of two-way traffic registered a double-digit growth.

FU LINGHUI Spokesperson of Department of Comprehensive Statistics, National Bureau of Statistics “Under the epidemic, domestic enterprises are getting better at adapting to external demand changes, which is conducive to supporting export growth. At the same time, even though the world economy is being impacted by negative factors like price surge of international commodities, the recovery trend of the world’s economy is not changing.”

According to the data compiled by the National Bureau of Statistics, the service sector continued to recover and consumer prices went up mildly. Investment in fixed assets has seen accelerated growth.

FU LINGHUI Spokesperson of Department of Comprehensive Statistics, National Bureau of Statistics “But we also have to be aware that the domestic economic recovery is still uneven, the impact of the spread of the COVID-19 epidemic in some areas is still ongoing, the industries and enterprises are differentiated in different regions, the pressure of rising costs for enterprises is still increasing, the operating difficulties of small and micro enterprises are still relatively prominent, and the foundation for sustained economic recovery is not yet firm, and the trend afterward remains to be seen.”

DAI KAIYI Beijing “The bureau says China’s economy still faces mounting risks and challenges due to the current geo-political environment, but they believe its upward trend will continue for the first quarter of 2022. DKY, CGTN, Beijing.”
Source: CGTN

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