Following the release of the June activity numbers, China’s National Bureau of Statistics (NBS) released a statement, via Reuters, expressing their take on the economy.
Key headlines
Impact of COVID outbreak on the economy has not yet been completely eliminated.
Economic base for long-term recovery is not stable.
Stagflation risks are increasing globally.
China is confronting falling demand, a supply shock also.
Chinese economy faces structural and cyclical issues.
Expect China’s economy to gradually stabilise, recover.
Economic growth of 0.4% in Q2 hard won.
Hard work needed to stabilise economy amid external uncertainties.
Employment pressure on young people still relatively big.
Consumer inflation lower than other major economies due to restrained policy stimulus.
Expect China’s consumer price rises to remain benign.
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