China experiences consistent economic growth in August
The National Bureau of Statistics (NBS) reported Saturday that China's economy continued to demonstrate overall stability, highlighting steady advancements in its efforts towards high-quality development, as indicated by the economic data for August.
TroibNews 
China's economy showed signs of stability with ongoing progress in its pursuit of high-quality development, the National Bureau of Statistics (NBS) noted while announcing the economic figures for August on Saturday.
The consumer market continued its steady recovery
August witnessed a 2.1 percent increase in retail sales year over year, according to an NBS statement.
Breaking down the sales by product, communications equipment experienced a significant boost with a 14.8 percent increase. Additionally, the sales of cereals, oils, and food rose by 10.1 percent. Pharmaceuticals saw a rise of 4.3 percent in sales, while home appliances and audio-video products increased by 3.4 percent.
The NBS noted that online sales were a particular highlight in the economy, marking an 8.9 percent increase year over year in the period from January to August. Sales of physical goods during this period rose by 8.1 percent and made up a quarter of the total retail sales.
"Recent vibrant summer travel and strong demand for cultural products and tourism underlined the great potential of service consumption, while digital and green consumption also emerged as a new favorite among consumers," Liu Aihua, an NBS spokesperson, stated.
To stimulate consumer spending, China implemented several initiatives this year, such as promoting large-scale equipment upgrades and facilitating trade-ins for consumer goods.
Further efforts were made by the government to boost purchases in sectors like automobiles and home appliances.
Bruce Pang, the chief economist and head of research at JLL Greater China, commented on the resilience in sales of goods, restaurant revenue, and online retail, all supported in part by these governmental policies. He mentioned that the emphasis should be on "promoting the development of highly dynamic consumer sectors."
China's industrial production sees continual growth
The value-added industrial output, crucial for gauging economic productivity, grew by 4.5 percent over the same period last year in August.
There was a slight monthly increase of 0.32 percent in industrial output during August.
"In addressing the press, Liu mentioned that nearly 80 percent of industries and over 50 percent of products registered year-on-year increases," Liu stated at a press conference.
She further noted the equipment manufacturing sector's significant contribution of 47.9 percent to the total growth in industrial output, emphasizing the burgeoning new growth areas within the manufacturing sector.
Steady rise in fixed-asset investment observed
Throughout the first eight months of 2024, fixed-asset investment in China ascended by 3.4 percent year over year, reaching a total of 32.94 trillion yuan.
Specifically, infrastructure investment saw a 4.4 percent increase, and manufacturing investment surged by 9.1 percent in the January-August timeframe.
Excluding the property sector, which is currently adjusting, fixed-asset investment in other areas grew by 7.7 percent this year. In contrast, investment in property development declined by 10.2 percent.
"The new round of large-scale equipment upgrades and trade-in of consumer goods helped to maintain the stable expansion in fixed-asset investment," Liu commented.
According to NBS data, there was a noteworthy 16.8 percent year-on-year rise in investment towards purchasing equipment, tools, and instruments in the initial eight months of the year.
Liu further elaborated on the pivotal role of investment in reinforcing the foundations for new economic drivers, noting increased capital influx into high-tech sectors.
Frederick R Cook for TROIB News
The consumer market continued its steady recovery
August witnessed a 2.1 percent increase in retail sales year over year, according to an NBS statement.
Breaking down the sales by product, communications equipment experienced a significant boost with a 14.8 percent increase. Additionally, the sales of cereals, oils, and food rose by 10.1 percent. Pharmaceuticals saw a rise of 4.3 percent in sales, while home appliances and audio-video products increased by 3.4 percent.
The NBS noted that online sales were a particular highlight in the economy, marking an 8.9 percent increase year over year in the period from January to August. Sales of physical goods during this period rose by 8.1 percent and made up a quarter of the total retail sales.
"Recent vibrant summer travel and strong demand for cultural products and tourism underlined the great potential of service consumption, while digital and green consumption also emerged as a new favorite among consumers," Liu Aihua, an NBS spokesperson, stated.
To stimulate consumer spending, China implemented several initiatives this year, such as promoting large-scale equipment upgrades and facilitating trade-ins for consumer goods.
Further efforts were made by the government to boost purchases in sectors like automobiles and home appliances.
Bruce Pang, the chief economist and head of research at JLL Greater China, commented on the resilience in sales of goods, restaurant revenue, and online retail, all supported in part by these governmental policies. He mentioned that the emphasis should be on "promoting the development of highly dynamic consumer sectors."
China's industrial production sees continual growth
The value-added industrial output, crucial for gauging economic productivity, grew by 4.5 percent over the same period last year in August.
There was a slight monthly increase of 0.32 percent in industrial output during August.
"In addressing the press, Liu mentioned that nearly 80 percent of industries and over 50 percent of products registered year-on-year increases," Liu stated at a press conference.
She further noted the equipment manufacturing sector's significant contribution of 47.9 percent to the total growth in industrial output, emphasizing the burgeoning new growth areas within the manufacturing sector.
Steady rise in fixed-asset investment observed
Throughout the first eight months of 2024, fixed-asset investment in China ascended by 3.4 percent year over year, reaching a total of 32.94 trillion yuan.
Specifically, infrastructure investment saw a 4.4 percent increase, and manufacturing investment surged by 9.1 percent in the January-August timeframe.
Excluding the property sector, which is currently adjusting, fixed-asset investment in other areas grew by 7.7 percent this year. In contrast, investment in property development declined by 10.2 percent.
"The new round of large-scale equipment upgrades and trade-in of consumer goods helped to maintain the stable expansion in fixed-asset investment," Liu commented.
According to NBS data, there was a noteworthy 16.8 percent year-on-year rise in investment towards purchasing equipment, tools, and instruments in the initial eight months of the year.
Liu further elaborated on the pivotal role of investment in reinforcing the foundations for new economic drivers, noting increased capital influx into high-tech sectors.
Frederick R Cook for TROIB News
