MNI: China NBS: Efforts Needed To Retain Good Econ Performance

--China To Release Urban Jobless Rate From April: NBS

     BEIJING (MNI) - Chinese economy maintained a good momentum in the first two

months of 2018, but the country needs more effort to consolidate the good

performance, Mao Shengyong, spokesman of the National Bureau of Statistics, said

in a press conference Wednesday.

     Although seasonal factors have impacted some indicators, production,

consumption and employment have all increased at a positive pace so far this

year, Mao said.

     Consumption rose 0.2 percentage points to 9.7% in the January/February

period compared with the same time last year. Mao attribute the growth to rising

online retail sales and robust automobile sale. "Auto sales jumped 9.7% in the

first two months this year, compared with a drop of 1% last January and

February, which benefited from the increasing auto prices," Mao noted.

     Meanwhile, strong tourism and box office sectors during the long Chinese

New Year holiday also contributed to stable consumption growth.

     --EMPLOYENT PRESSURES

     Although upbeat on the current situation, pressure remains on employment

and will likely do so in the near future as structural reforms continue,

particularly in traditional sectors suffering excess production capacity, the

spokesman warned.

     "During January to February, the surveyed urban jobless rate was lower than

5%, slightly falling from the same period last year, which mean the employment

situation is still good," Mao explained.

     The NBS will publish the surveyed urban jobless rate from April, Mao

confirmed to MNI on the sidelines of the briefing.

     This year, the Chinese government's annual objectives, laid out inPremier

Li Keqiang's working report, included employment for the first time, setting the

urban unemployment rate ceiling at 5.5%.

     That is a sensible approach considering employment is the cornerstone of

social stability and it is also a major step towards transparency as now the

Statistical Bureau will likely publish the surveyed urban jobless rate

periodically, Ma Jun, former chief economist at the People's Bank of China, told

MNI in an exclusive interview last week.

     On the 6.5% GDP growth target for this year, NBS's Mao said it is

"unquestioned" aim to meet the target. "China just needs to ensure the GDP

growth is higher than 6.3% in the period of 2018 to 2020 to meet the target of

doubling the GDP by 2020 from the level of 2010," Mao said, mentioning the aim

set by President Xi Jinping in 2012.

--MNI Beijing Bureau; +86 (10) 8532 5998; email: marissa.wang@marketnews.com

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

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