What signals does China’s economic data in July convey?
2024-08-18
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Original title: What signals does China’s economic data in July send?
Xinhua News Agency, Shanghai, August 15 (Reporters Du Kang and Sang Tong) On the 15th, my country's national economic operation data for July was released, showing the characteristics of "overall stability, steady progress".
"With the in-depth implementation of the 'old for new' campaign for consumer goods, the demand for replacement of automobiles, home appliances and home furnishings is gradually released; residents' active summer travel activities also drive the development of the cultural and entertainment and leisure industries," said Wen Bin, chief economist of China Minsheng Bank.
Go to Fujian to experience hairpins, go to the Gansu desert to listen to a concert, go to the Yunnan ancient city to visit the night market... The rich cultural and tourism activities in various places have ignited the enthusiasm of residents to travel in the summer, and also driven the growth of consumption in transportation services, tourism consulting and rental services, and cultural and sports leisure services. According to data from the China Railway Corporation, from January to July this year, the national railway transported more than 2.5 billion passengers and the passenger turnover was about 945.5 billion person-kilometers, an increase of 15.7% and 10.6% year-on-year, respectively, both of which set a record high for the same period in history.
Tourists wearing hairpins take photos in Xiapu Village, Quanzhou City, Fujian Province. Photo by Xinhua News Agency reporter Chen Wei
It is worth mentioning that data from the State Post Bureau shows that since the beginning of this year, my country's postal express delivery industry has an average monthly business volume of over 13 billion pieces and an average monthly business income of over 100 billion yuan, both of which are record highs. Behind the record high express delivery business volume is the continuous innovation of my country's consumption formats and the steady increase in the proportion of online consumption. From January to July this year, my country's online retail sales of physical goods increased by 8.7% year-on-year.
"With the implementation of various policies to increase residents' income and enhance their consumption capacity and willingness, the foundation for the recovery of the consumer market will be further consolidated," said Liu Aihua, spokesperson for the National Bureau of Statistics.
In July, the quality and quantity of my country's imports and exports increased, with the total value of imports and exports increasing by 6.5% year-on-year, 0.7 percentage points faster than the previous month. "July's foreign trade data shows that my country's industrial structure has obvious characteristics of upgrading," said Zhong Zhengsheng, chief economist of Ping An Securities. The export advantages of key products such as household appliances, integrated circuits, and ships continue to be consolidated.
"The gradual formation of new economic growth points will help enhance economic momentum," said Zhu Qigui, deputy director of the China Finance Research Institute of Shanghai Jiao Tong University.
"Production and demand continued to recover, employment and prices were generally stable, new momentum was nurtured and strengthened, and economic operations continued the overall stable and steady development trend." Liu Aihua introduced.
At the same time, Liu Aihua said, "We must also see that the external environment is unstable and uncertain, domestic effective demand is insufficient, economic operations are differentiated, and some problems in development and transformation are still emerging. The foundation for economic recovery needs to be further consolidated."
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