New economic data from the first two months of this year points to further recovery in China’s struggling economy.
Industrial production in the world’s second-largest economy rose by seven percent in January and February 2024 compared to the same period last year, the statistics bureau announced in Beijing on Monday. Analysts had expected less strong growth for this important indicator, which is important for the economy. Retail sales – a measure of consumption – rose 5.5 percent over the same period, slightly above experts’ expectations.
The economy continues to recover, said Bureau of Statistics spokeswoman Liu Aihua. The government’s economic growth target of approximately five percent for this year can be achieved. However, Liu also spoke of an otherwise complicated economic development environment and continued insufficient domestic demand.
Investments in real estate development fell by nine percent compared to the first two months of the previous year. The trend of declining investments in the hard-hit sector continued. The real estate crisis is seen as a major reason for China’s weak economic performance. Beijing releases some economic data for January and February, largely together, because of the Spring Festival, which falls differently every month. In 2024, the festival again generated good business in the tourism sector. Traditionally, the factories are idle during the holiday week, which is different from normal. (rbu/sda/dpa)
Soource :Watson
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