China’s Economy Continues on a Recovery Path
On November 15, the State Council Information Office held a press conference to discuss the performance of the national economy in October. Liu Aihua, spokesperson of the National Bureau of Statistics, reported that the Consumer Price Index (CPI) fell that month due to seasonal characteristics and structural factors, but the core CPI remained stable. Aihua also mentioned that signs of marginal improvement were seen in real estate development investment, commercial housing sales, and the new energy vehicle market.
The decline in food prices was identified as the main reason for the fall in price levels, with factors such as favorable weather, sufficient agricultural supply, and reduced consumer demand after the holidays being contributing factors. However, Aihua assured that deflation was not a concern and that low prices are expected to ease gradually in the next stage.
Regarding the real estate market, Aihua stated that indicators such as real estate development investment and commercial housing sales have shown certain signs of marginal improvement. The government has implemented policies to support the real estate market’s stability, healthy development, and high-quality growth.
The new energy vehicle market has also shown significant growth, with production, sales, and exports maintaining rapid growth in October. Aihua attributed this growth to strong demand for environmentally-friendly products and the continuous enhancement and optimization of the supply side.
When it comes to employment, Aihua reported that the national urban surveyed unemployment rate remained at 5.0% in October. The National Bureau of Statistics is also working on improving the statistical methods and calibers of the youth unemployment rate to provide more accurate and comprehensive data in the future.
Looking ahead, Aihua is optimistic about the economy’s future performance, citing sustained recovery trends and the continued release of macroeconomic policies as drivers of future growth. The press conference concluded with a positive outlook for the Chinese economy’s continued recovery in the upcoming months.