- China’s value-added industrial output went up 2.4 percent year on year in the first two months, data from the National Bureau of Statistics (NBS) showed Wednesday.
- The growth rose by 1.1 percentage points from the level in December 2022, and the two-year average growth stood at 4.9 percent.
- The country’s retail sales of consumer goods increased 3.5 percent year on year during the period, reversing declines seen in the previous three months. Sales of consumption-upgrading goods like jewelry expanded quickly.
- Other major economic indicators, including fixed-asset investment and the index of services production, also posted year-on-year growth, the NBS data showed.
- “In the first two months, the Chinese economy steadily recovered with rising production demand, stable employment and consumer prices, and improved market expectations,” NBS spokesperson Fu Linghui told a press conference.
- The rebound of consumption is a bright spot of China’s economic operations in the Jan.-Feb. period, said Fu.
- Over the past Spring Festival holiday, the first since China optimized its COVID response, the country witnessed a booming domestic market and expanding consumption in various sectors such as travel, culture, entertainment and catering.
- Fu noted that China has many favorable conditions for a continued consumption recovery throughout the year, as the market is underpinned by a population of 1.4 billion, while a set of pro-consumption measures were introduced by the central and local governments to unleash further consumption potential.
- As for this year’s economic targets, Fu said “China has the conditions, foundation and confidence” to meet its 2023 economic growth targets through hard work.
- An array of development tasks for 2023 were mapped out in a government work report adopted Monday at the first session of the 14th National People’s Congress.
- The report unveiled a target for the Chinese economy to expand by around 5 percent this year, faster than the 3-percent growth recorded in 2022. Other objectives include creating around 12 million urban jobs, the consumer price index increasing by around 3 percent, and personal income rising generally in step with economic growth.
- China’s economic development is supported by multiple advantages, including a vast market, a complete industrial system, abundant human resources and a growing driving force for innovation and development, said Fu.
- While acknowledging advantages, Fu also warned of difficulties and challenges confronting the economy, including external challenges stemming from lingering high inflation, weakening economic and trade growth globally and rising protectionism.
- To brave the challenges, China will consolidate the foundation for stable growth. A spate of pro-growth policies was announced in the government work report, including giving priority to the recovery and expansion of consumption, 3.8 trillion yuan (about 553 billion U.S. dollars) of special-purpose local government bonds, and continued tax and fee cuts to relieve burdens for businesses.
- China will also underscore efforts to pursue high-quality development with policy priorities including accelerating the modernization of the industrial system and promoting the transition to a green development pattern, according to the government work report.
China Starts 2023 With Powerful Economic Rebound
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