Expert: Economy in adjustment phase after pandemic

Official data released on Monday showed that the Chinese economy continued to recover in July, with moderate year-on-year growth seen in industrial output, retail sales, and fixed asset investment. Li Yong, a senior fellow at the China Association of International Trade, said nearly all the sectors are in a period of adjustment after the pandemic outbreak, especially consumption. According to Li, diminishing employment prospects continue to be the main factor affecting consumer confidence. As the employment levels gradually stabilize, economic recovery will also get a boost.

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