China's main economic data released last month showed positive indicators of trends in consumption and corporate production, but the rate of growth slowed from the previous month.
This shows that the economy is continuing to slow down due to strict measures against the new coronavirus.
China's National Bureau of Statistics released major economic statistics for the past month on the 15th, among which "retail sales", which shows consumption trends, increased by 2.7% compared to the same month last year.
Although it was positive for two consecutive months, the growth rate shrank by 0.4 points compared to the previous month.
The resurgence of COVID-19 infections in some cities has strengthened countermeasures, leading to a stagnation in consumption.
Industrial production also increased by 3.8% from the same month last year, a 0.1 percentage point decline from the previous month.
After the restrictions on going out in Shanghai were lifted in June this year, production has picked up, but it shows that demand is sluggish.
In addition, the cumulative sales of real estate nationwide from January to last month decreased by 28.8% compared to the same period last year, and the decline in real estate, a major industry, continues.
The government has emphasized its stance of supporting the economy, showing that the Chinese economy is continuing to slow down due to factors such as the "zero corona" policy, which thoroughly suppresses the infection, but economic measures will slow the recovery. The focus will be on whether you can regain your strength.
China's National Bureau of Statistics says economic recovery slows
Regarding the slowdown in the growth rate of indicators that show trends in consumption and production last month, Feng Linghui, a spokesperson for the National Bureau of Statistics of China, said at a press conference, "The infection spread sporadically in many parts of the country. The difficulty of running the economy in a stable manner has increased somewhat, as a number of factors combined to slow the momentum of the economic recovery last month, and more efforts are needed to solidify the foundations of the recovery. There is."