China’s industrial output, retail sales rise in August, sustaining steady growth trend

Staff members work on an assembling line in the new energy vehicle factory of Zhengzhou Yutong Bus Co., Ltd. in Zhengzhou, central China's Henan Province. Photo:Xinhua

China's economy continued its steady upward trend in August, with the output of industrial enterprises above the designated size up by 4.5 percent year-on-year, and retail sales rising by 2.1 percent year-on-year, according to data released by the National Bureau of Statistics (NBS) on Saturday.

Liu Aihua, spokesperson and chief economist of the NBS, told a press conference on Saturday that a range of economic indicators showed a steady expansion trajectory despite the impact of internal natural disasters and external uncertainties. She also highlighted the government's policy support and high-quality development strategy that provide foundation for growth.

In August alone, the value-added industrial output saw a 4.5 percent year-on-year growth, 0.32 percent up from the previous month level. For the first eight months, value-added industrial output rose by 5.8 percent year-on-year.

The growth of industrial output was led with equipment manufacturing and high-tech manufacturing sectors. In specific, the output volume of new-energy vehicles in August increased by 30.5 percent year-on-year, service robots increased by 20.1 percent and the integrated circuit products increased by 17.8 percent.

In the first eight months this year, fixed asset investment reached 32.94 trillion yuan, up 3.4 percent year-on-year, NBS data showed.

She noted that the issuance of the ultra-long treasury bonds and special government bonds will ensure the steady growth of nation's investment into the future.

Photo:VCG

The retail sales in August rose 2.1 percent year-on-year. From January to August this year, the nation's retail sales totaled 31.25 trillion yuan, up 3.4 percent year-on-year, indicating the great potential of China's super large-scale market.

Looking ahead, Liu stated that the foundation for consumption recovery will be further strengthened through the promotion of ongoing trade-in schemes and other consumption stimulation policies.

Global Times

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