Guangzhou (JLC), March 18, 2024 – China's key economic indicators picked up pace in the first two months of 2024, suggesting that the economy was on track for a steady growth this year, according to data from the National Bureau of Statistics (NBS).
China's value-added industrial output - a gauge of activity in the manufacturing, mining and utilities sectors - grew 7% year on year in January-February 2024, after a 6.80% rise in December, figures released by the NBS showed.
The service sectors continued to see a general improvement, with the service production index rising 5.80% year on year in the first two months of 2024.
Retail sales of goods, a key measurement of consumer spending, gained 5.50% year on year in these months.
Fixed-asset investment - a gauge of expenditures on sectors including infrastructure, property, machinery and equipment – increased 4.20% year on year in the first two months of 2024.
The property sector was still undergoing adjustment and transition, the NBS spokesperson said at a press conference held on March 18. Measures will be implemented to ensure steady, healthy and high-quality development of the real estate sector, the NBS said.
The NBS said that China’s economy continued to recover in the first two months with stimulus measures taking effect gradually.
