China’s economy has maintained resilient growth in the first eleven months of 2022, despite the challenges posed by the outbreak of COVID-19 and a complex global environment.
The world’s second-largest economy saw steady expansion in fixed-asset investment, industrial production and online retail sales, among others, in the January-November period, official data showed Thursday.
China’s fixed asset investment rose 5.3 percent year on year during the period, according to the State Bureau of Statistics (NBS).
Investment in infrastructure rose 8.9% year-on-year, while investment in manufacturing rose 9.3%, and investment in high-tech industries jumped 19.9%.
In the first eleven months, the total value added of industrial enterprises above the size above the set limit recorded an annual growth of 3.8%, and that of high-tech manufacturing increased by 8% compared to to last year.
Specifically, the production of green smart products, such as new energy vehicles and solar cells, increased by 100.5% and 44.1% respectively.
“The trend of upgrading the industrial structure has not changed, and the new drivers of growth continue to grow,” said Tang Weiwei, deputy director of the industry department of the BES.
The country’s e-commerce sector has played an increasing role in driving consumption during this period, with online retail sales growing 4.2% compared to the same period of 2021.
Among them, online sales of physical goods rose 6.4 percent year-on-year, accounting for 27.1 percent of total consumer goods retail sales.
However, in November alone, several economic indicators, including retail sales, came under pressure from the impact of COVID-19 outbreaks in China, and shrinking external demand.
Earlier this month, China announced a series of measures to optimize its response to COVID-19 to better coordinate it with economic and social development needs, marking the transition to a new phase of COVID-19 prevention and control. epidemic in the country.
The central government has sent task forces to the regions concerned to oversee their efforts to implement the package of policies aimed at stabilizing the economy, while coordinating efforts to resolve difficult issues and specific problems related to the implementation. policy work.
With the implementation of an optimized COVID-19 response and consumer-friendly measures, China will experience stronger domestic consumption demand, said NBS statistician Fu Jiaqi.
Going forward, the country will intensify its efforts to deepen reform and opening up at all levels, enhance market confidence, ensure stable growth, stabilize employment and prices, as well as stimulate market vitality to promote the overall improvement of economic functioning, the BES said in a statement.