China's economy showed resilience in August with stable growth across key sectors, according to new data from the National Bureau of Statistics (NBS). 🌏 Here's the lowdown on what's driving the momentum:
Retail Revival & Summer Vibes 🛒
Retail sales grew 2.1% year-on-year, fueled by a 14.8% surge in communications tech and 10.1% jump in food sales. Summer travel and cultural events boosted service industries, while online shopping remained a star player—up 8.9% this year! 🛍️ 'Digital and green consumption trends are unlocking new potential,' said NBS spokesperson Liu Aihua.
Industrial Output Powers Up 🏭
Industrial production expanded 4.5% annually, with 80% of industries reporting growth. Equipment manufacturing drove nearly half of the gains, while tech upgrades strengthened new growth engines. 💡 Monthly output also inched up 0.32%.
Investment Keeps the Engine Running 🏗️
Fixed-asset investment rose 3.4% Jan-Aug, hitting ¥32.94tn ($4.64tn). Infrastructure and manufacturing projects grew 4.4% and 9.1%, respectively. Equipment upgrades surged 16.8%, thanks to China's consumer trade-in policies. Bruce Pang, JLL economist, praised 'highly dynamic sectors' as key to sustaining momentum.
Despite property sector adjustments (-10.2% investment), the NBS emphasized 'stable recovery trends' as policies like auto and appliance subsidies kick in. 🚗📺
