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Economic planner: Chinese economy naysayers to be disappointed yet again

Xinhua | September 20, 2023


China's top economic planner on Wednesday said that positive factors concerning China's economy are accumulating and that China naysayers will be disappointed yet again.

As existing and incremental policies take synergistic effect, China's economy will rebound and sustain a long-term upward momentum, Cong Liang, deputy head of the National Development and Reform Commission, told a press conference.

In August, China's value-added industrial output went up 4.5 percent year on year, higher than the 3.7 percent recorded in July, while retail sales of consumer goods reported a quicker 4.6-percent increase after a slowdown lasting three consecutive months, data from the National Bureau of Statistics showed.

The country also saw August consumer inflation returning to positive territory, and the factory-gate price decline moderating.

In response to a question on deflationary risks, Cong said that China's consumer price index has been lingering at a low level.

"But in view of price index level, demand recovery, economic growth and monetary supply, there is no deflation at present and we will not see deflation for the Chinese economy in the future," Cong added.