MNI BRIEF: China Will Continue With Steady Recovery in H2: NBS

The Chinese economy will maintain the momentum of a steady recovery into the second half of this year, as consumption will further pick up with increased income and the launch of major projects, said Fu Linghui, spokesman of the National Bureau of Statistics at a briefing on Monday.

Though the resurgence of local Covid-19 cases, as well as rainstorms in some places, have dampened certain close-contact service industries, Fu downplayed the slower-than-expected retail sales growth in July by pointing to the steady accumulated growth.

Fu noted that consumer spending is increasing, pointing out that the national per capita consumption increased by 17.4% y/y in H1 which is faster than the per capita residents' disposable income growth of 12%. And income will continue to rise with improved employment, Fu added.

Some major projects under the country's 14th Five-Year Plan through 2025 will kick off to buoy investment, while manufacturing investment continues to recover as manufacturers are seeing rapid profit growth, according to Fu.

The recovery of the global economy is conducive to China's import and export growth, he added.