China's economy steadily recovers amid pandemic

.China's economy is steadily recovering as major economic indicators continued to pick up in July, the National Bureau of Statistics (NBS) announced on Friday.

At a press conference held by the State Council Information Office, NBS spokesperson Fu Linghui said China's economy has managed to navigate both the impact from the COVID-19 pandemic and the floods in the country's south, thanks to effective socioeconomic policy measures.

In July, the added value of industrial enterprises above the designated size grew by 4.8% year on year, leveling off the figure in June. High-tech manufacturing and equipment manufacturing led the way, with year-on-year increases of 9.8% and 13%, respectively.

The service production index expanded 3.5% year on year, up by 1.2 percentage points compared to the previous month, with information transmission, software, and information technology services contributing to a large share of the growth.

Retail sales of consumer goods slowed by 1.1% year on year, 0.7 percentage points lower than the drop in June. From January to July, fixed asset investment dropped 1.6%, narrowing 1.5 percentage points from the drop in the first half of the year.

Employment is also stabilizing, Fu said. In July, the surveyed unemployment rate in urban areas was 5.7%, leveling off from June. The surveyed unemployment rate among the age group between 25 and 59 dropped 0.2 percentage points to 5%.

The growth in market price was moderate as consumer price index picked up by 2.7% year on year, largely due to the floods in southern China. 

The foreign trade numbers have beaten expectations. In July, the total value of import and export grew by 6.5% year on year.

Fu said China will continue to promote stable and healthy economic development despite the COVID-19 pandemic and complicated external environment.