Continuous Recovery of China's Economic Operation
2023-09-21
Since August, in the face of difficulties and challenges such as insufficient global economic recovery momentum and intertwined domestic cyclical structural contradictions, various relevant parties have systematically implemented a set of policy 'combination punches' to continuously consolidate the momentum of China's economic recovery and improvement. At the State Council's regular policy briefing held on September 20th, Cong Liang, Deputy Director of the National Development and Reform Commission, introduced and interpreted the current economic situation and policies, And respond to social concerns with relevant department heads. The "combination punch" effect of policies is gradually emerging. "With the gradual emergence of the" combination punch "effect of policies, China's economic operation continued to recover in August, with marginal improvement in most indicators and an accumulation of positive factors," said Cong Liang. Domestic demand continues to recover. Looking at consumption, in August, the growth rate of total retail sales of consumer goods in society accelerated by 2.1 percentage points compared to the previous month, indicating a significant rebound trend; Looking at investment, the scale of investment in key areas continues to expand, and the real estate market in multiple regions shows signs of recovery. The production supply is steadily increasing. In August, the growth rate of industrial added value and service industry production index above designated size increased by 0.8 and 1.1 percentage points respectively compared to July. The growth rate of the manufacturing industry significantly accelerated, and the growth trend of service industries such as tourism and cultural entertainment was good. Steady progress has been made in structural adjustment. In the first eight months, the growth rate of investment in manufacturing, infrastructure, and other industries was 2.7 and 3.2 percentage points higher than the overall level, respectively. Especially, the investment in high-tech industries was 8.1 percentage points higher than the overall level, playing a key role in optimizing the supply structure. Social expectations have improved. In August, the Purchasing Managers' Index (PMI) of the manufacturing industry continued to rebound, while the manufacturing production index, new order index, service industry business activity index, and business activity expectation index were all in the boom range, laying a solid foundation for the continued economic recovery in the next stage. In response to the price issue of general concern to society, Cong Liang proposed that based on factors such as price levels, demand recovery, economic growth, and money supply, China's economy does not have so-called deflation, and there will be no deflation in the future. China's economic development still has a good foundation of support and many favorable conditions. In the short term, all relevant parties will increase the implementation of macroeconomic policies, continue to optimize a batch of phased policies, and study and introduce a series of targeted new measures, actively plan to launch a batch of reserve policies, and continue to consolidate the momentum of economic recovery. In the long run, "China is the consumer market with the greatest potential in the world, with a complete industrial system, abundant human resources, and convenient software and hardware infrastructure conditions. We are comprehensively deepening reform and opening up, implementing the innovation driven development strategy, and consolidating the foundation of safe development. The long-term trend of China's economy for good has not changed." Cong Liang said that the next step will be to comprehensively deepen reform and opening up, and increase macroeconomic policy regulation, Efforts will be made to expand domestic demand, boost confidence, and prevent risks, striving to achieve the annual economic and social development goals, and promoting the effective improvement of quality and reasonable growth of quantity in the economy. In the first eight months, investment in high-tech manufacturing increased by 11.2% year-on-year. Industry is the "ballast stone" of the economy. In August, industrial production steadily resumed and enterprise efficiency gradually improved, effectively supporting the recovery of the national economy, "said Tao Qing, Director of the Operation Monitoring and Coordination Bureau of the Ministry of Industry and Information Technology. Industrial production has steadily rebounded. In August, China
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：people.cn
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