Global EditionASIA 中文雙語Fran?ais
    Business
    Home / Business / Policies

    Economy gains firmer footing in April, NBS says

    By ZHOU LANXU and ZHANG YUE | CHINA DAILY | Updated: 2021-05-18 07:26
    Share
    Share - WeChat
    The view of Lujiazui area at the Bund in Shanghai, Aug 2, 2019. [Photo/IC]

    China's economic recovery gained a firmer foothold in April, but rising commodity prices are beginning to erode growth and require targeted policy support, officials and experts said on Monday.

    Industrial production remained buoyant in April while fixed-asset investment recovered at a faster speed. However, growth in retail sales softened last month, the National Bureau of Statistics said.

    Fu Linghui, a spokesman for the bureau, said China's economy was on firmer footing in April and is well positioned for continued recovery into the second half of the year.

    The economic rebound will be supported by the combination of: stabilized employment that boosts consumption; recovering market demand that underpins corporate investment; policy support such as structural tax cuts; and the global economic rebound, he said.

    China's industrial output rose by 9.8 percent year-on-year in April, down from 14.1 percent in March. This was due to the year-on-year comparison for March appearing greater as fewer factories were open 12 months earlier because of COVID-19.

    On a two-year average basis, which corrects the distortion, industrial output grew by 6.8 percent in April, which was 0.6 percentage points higher than March. The growth was led by high-tech products such as new energy vehicles and industrial robots, the bureau said.

    The growth in fixed-asset investment accelerated to 3.9 percent in the January-April period on a two-year average basis, compared with 2.9 percent in the January-March period, as investment recovered in the manufacturing sector and accelerated in property development.

    Lu Ting, Nomura's chief China economist, said he expects the country's quarter-on-quarter economic growth to accelerate to 2 percent in the April-June period compared with 0.6 percent in the first quarter, amid faster retail sales and the delayed impact of infrastructure stimulus rolled out last year.

    However, Fu said the foundation of recovery is "not yet solid". The COVID-19 pandemic has worsened in some economies and may cloud the global recovery, while rising international commodities prices have heightened the cost pressure on downstream enterprises.

    "We should pay heed to the rising pressure facing downstream sectors and take effective measures to strengthen adjustments of the raw material market," he said.

    China's producer price index, which gauges factory-gate prices, rose by 6.8 percent year-on-year in April, the highest level in over three years. The rising cost of raw materials has placed pressure on the economic recovery, experts said.

    Retail sales grew by 4.3 percent on the two-year average basis last month, down from 6.3 percent in March. Despite improvements in April, fixed-asset investment in the manufacturing sector has not yet reached pre-pandemic levels for the same period of 2019, the NBS said.

    Li Qilin, chief economist at Shanghai-listed Hongta Securities, said rising raw material costs may squeeze the profit margins of downstream manufacturers, which may in turn weigh on employees' salaries and consumer spending.

    Wen Bin, chief researcher at China Minsheng Bank, said stronger structural policies are needed to help businesses suffering from greater cost pressure, as well as to boost consumers' willingness to spend by further stabilizing employment.

    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    CLOSE
     
    国产AV无码专区亚汌A√| 亚洲中文字幕无码一去台湾| 最近2019中文字幕免费直播| 国产成人无码精品一区二区三区| 精品久久久久久无码中文字幕一区 | 熟妇人妻VA精品中文字幕| 无码囯产精品一区二区免费| 中文字幕人成乱码在线观看| 性色欲网站人妻丰满中文久久不卡 | 中文字幕精品一区二区日本| 亚洲熟妇无码八V在线播放 | 精品无码久久久久久午夜| 极品粉嫩嫩模大尺度无码视频| 日本不卡中文字幕| 中文字幕色婷婷在线视频| 国产在线观看无码免费视频 | 精品久久久无码中文字幕| 无码国产精成人午夜视频一区二区| 无码av免费毛片一区二区| 狠狠精品干练久久久无码中文字幕 | 中文字幕av无码一区二区三区电影| 中文在线最新版天堂8| 中文字幕有码无码AV| 亚洲一区二区三区无码影院| 无码精品一区二区三区免费视频| 人妻夜夜添夜夜无码AV| 免费无码又爽又刺激高潮视频| 亚洲ⅴ国产v天堂a无码二区| 亚洲一区精品无码| 亚洲av中文无码乱人伦在线播放 | 久久精品aⅴ无码中文字字幕不卡| 亚洲AV永久无码精品一百度影院 | 97碰碰碰人妻视频无码| 国产成人亚洲综合无码| 精品久久久久久无码中文字幕| 国产网红主播无码精品| 久久中文字幕无码专区| 亚洲色偷拍区另类无码专区| 中文国产成人精品久久不卡| 99久久无色码中文字幕| 中文字幕国产91|