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China’s economic recovery momentum continues in July

BTJ Desk Report
China's economic recovery momentum continues in July

The value-added industrial output of China surged by 3.8% year on year (YoY) in July and 0.38% over the June figure.

Retail sales of consumer goods in the country also went up by 2.7% YoY last month, said National Bureau of Statistics (NBS) data.

The data also said that other major economic indicators including the index of services production and fixed-asset investment also posted YoY growth.

The steady economic recovery led to a drop in the urban unemployment rate from 5.5% in June to 5.4% last month, official Chinese media reported.

However, the recovery in July was not easy as the country had to deal with sporadic domestic COVID-19 flare-ups and high temperatures in many regions, an NBS spokesperson told the media.

The economy is still in the process of recovery with insufficient market demand as a big constraint, the spokesperson added.

As the blocking points of the industrial and supply chains are gradually being addressed, key industries are resuming normal production, which will continue to play a supporting role in China’s industrial growth.


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