China's economy saw steady momentum midway through the third quarter. But will it be enough? Signs of downward pressure are seen in China's latest numbers. CGTN reporter Wang Mengzhen has more.
Six weeks into the second half of the year, China's national economy continues performing within a reasonable range, yet growth has slowed in certain areas.
In July, the index of services production rose 6.3 percent year on year, 0.8 percentage points lower than in the previous month. Industrial production slowed as well, as the total value of industrial enterprises was up just 4.8 percent year on year. And the growth rate for total retail sales of consumer goods also reported a 2.2 percentage-point drop from the June figure.
However, the nation's foreign trade stood out turning in a more than 2-percentage point growth over June.
LIU AIHUA, SPOKESPERSON CHINESE NATIONAL BUREAU OF STATISTICS "Despite mounting economic downward pressure at home and a grave external environment, we are still seeing growth in modern service industries and high-tech manufacturing. At the same time, the export growth expanded as we continued to diversify global trading markets and optimized our trade structure. Generally speaking, the economy is maintaining its growth momentum."
One underlying concern from some - the slower growth in retail sales of consumer goods in July.
LIU AIHUA, SPOKESPERSON CHINESE NATIONAL BUREAU OF STATISTICS "The main reason behind the more than 2-percent decline of the country's automobile retail sales in July was due to the large-scale sales promotion for vehicles in June. But the majority of other sectors enjoyed faster growth, especially in the catering business amid the nation's booming nightlife economy. And our online retail sales also grew steadily. Looking ahead, great potential in consumption still remains."
Another key index in July's economic data is the increasing consumer prices in food sectors like pork and agricultural products. Spokesperson Liu says authorities have launched multiple measures to adjust the imbalance between supply and demand, but it still takes time.
WANG MENGZHEN BEIJING "Referring to how the ongoing CHINA-US trade tension could impact the economy, Liu Aihua said China is still capable of resisting external pressure by making the best of its domestic policies to further release the market's vitality. Wang Mengzhen, CGTN Beijing."