China's retail sales rise 7.3% in first 7 months of 2023: NBS

The urban unemployment rate dropped to 5.3 per cent, down from 5.4 per cent a year earlier. The NBS spokesperson, Fu Linghui, emphasised the upward trend in the Chinese economy, citing growth in production and demand, stable employment and prices, and steady industrial upgrades, according to local media reports.

In addition, Fu dismissed concerns over price changes, asserting that there is no deflation in the Chinese economy and predicting that consumer price growth will return to a reasonable level. The positive economic trajectory will help narrow the decline in factory gate prices.

Fu also highlighted the need for further action to strengthen China’s economic recovery foundation, considering a complex global environment and insufficient domestic demand. To confront domestic and foreign challenges, China has implemented several pro-growth measures in recent months, including interest rate cuts by the central bank to increase credit demand and enhance consumption and investment growth.

Fu expressed optimism for the rest of the year, foreseeing improvement in the external environment and effectiveness in the country’s policies, ensuring stable economic performance in the second half.

Fibre2Fashion News Desk (NB)