BEIJING — Multiple economic indicators in recent months suggest the Chinese economy is over the worst as pro-growth and reform measures take effect, according to the National Bureau of Statistics (NBS).
“Positive changes are occurring due to government policies and reform measures,” according to Sheng Laiyun, NBS spokesperson, who made the remarks in an interview hosted on the bureau’s website on July 6.
Sheng said that improvements in industrial output, fixed asset investment, and expanding consumption indicated an economic upturn.
In May, industrial value-added output picked up pace and grew 6.1 percent year on year, up 0.2 percentage points from the previous month; while urban fixed asset investment increased 9.9 percent, also up compared to 9.6 percent in April; and sales of consumption goods expanded 10.1 percent in May, up 0.1 percentage point from April.
The economic structure has continued to improve with high-tech sectors reporting increasing weight in industrial output, and the services industry is seeing faster investment growth, Sheng said.
Meanwhile, structural reforms are boosting the private sector, which has reported faster industrial output growth. The Internet Plus strategy, the nation’s digital drive, led online shopping sales value to grow 39.3 percent year on year in May.
The tentative upturn comes as major data is due, including GDP growth, for the second quarter on July 15.
The spokesperson said multiple factors will be able to extend these positive changes into the latter half of the year, including a warming real estate market. Sales value of commercial properties rose 3.1 percent year on year in the January-May period, reversing a 3.1-percent fall for January-April, he said.
Meanwhile, easier access for private investment in previously restricted sectors, and the enormous domestic consumption potential will also contribute to stabilization, according to him.
However, Sheng cautioned that some improvements are still fragile and tentative. He said the country should remain watchful of downward pressure, and make harder efforts to achieve the annual growth target of around 7 percent for this year.