Beijing, 15 March 2023 (TDI): According to data from the National Bureau of Statistics (NBS), the progress of China’s recovery of its economy was accelerated as it fuels its growth in industry, retail, and investment.
Pang Ming, Chief Economist and Director of Research at JLL Greater China told Media, “the restarting of China’s growth engine is gathering pace, supported by robust industrial output, the rebound of consumption and service activities as well as expanding investment in infrastructure and manufacturing.”
Moreover, On economic indicators, NBS data shows China’s industrial output keeps increasing by 2.4 percent every year.
In addition to this, China’s retail sales keep increasing by 3.5 percent year-on-year which is quite good growth for Chinese markets.
Also, in terms of its investment, China’s spending on infrastructure, machinery, and property has increased by 5.5 percent surpassing the full-year growth by 0.4 percent.
Furthermore, China is planning to make policies regarding expanding demand during the current year, which will help China achieve its annual growth target.
On Wednesday, NBS spokesperson Fu Linghui told a press conference, “The data in January and February as a whole represents a trend of stabilization and recovery.“
Further, he said that rising production demand, stable employment and consumer prices, and improved market expectations are some of the positive signs that China has seen.
As China’s economy continues growing every year, China’s top legislative and political advisory body announced an annual growth target of approximately 5% for the current year during the recently concluded “two sessions.“
In the sessions, Pang noted, “To deliver a steady and sustainable recovery with equal emphasis on growth and quality, China will have to depend on a substantial improvement in consumer demand.“
As it can be noted that China has always been focused on sustaining its economy to the next level; therefore, it persists in expanding its industries and investing in larger economic domains, resulting in long-term profits for its economy.