China’s NBS: Foundation of economic recoveries is still not solid

Following the release of the August activity numbers, China’s National Bureau of Statistics (NBS) released a statement, via Reuters, expressing their view on the economy.

Key quotes

Main indicators show positive changes, but the foundation of economic recoveries is still not solid.

China economy continues recovery trend in Aug despite some factors exceeded expectations.

Improvement in economic performance in Aug 'hard won'.

Recovery in domestic demand still lags behind recovery in production.

Expects domestic demand to pick up, situation of low core CPI may change.

Domestic demand in china is recovering more slowly than supply.

Consumer price inflation in China is to stay largely stable.

Economy affected by covid flare-ups in aug but impact limited.

China's economy faces more difficulties this year than 2020.

China's economy likely to maintain recovery trend in whole of 2022.

Expects pork prices to rise, but there is no basis for sharp rises.

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