Welcoming 300 billion yuan from special bonds, there is stronger growth momentum

On August 15, the National Bureau of Statistics (NBS) released a report showing that the country's economy has stronger growth momentum in July 2024, despite facing risks, as growth support policies are strengthened.

China's economy is generally stable, and its goal of high-quality development is making steady progress. (Source: CNN)

In July 2024, a series of key economic figures remained steady, with production and demand picking up, employment stabilizing, and new growth drivers emerging.

NBS spokesperson Liu Aihua said the economy is generally stable and high-quality development is making steady progress.

"External pressures, lack of real demand and short-term impacts from the transition between old and new growth drivers pose challenges to sustainable economic recovery. However, the Chinese economy still has favorable conditions to maintain recovery and growth momentum, despite risks and challenges," Ms. Liu Aihua emphasized.

Retail sales, a key measure of consumption, grew impressively in July 2024, indicating a recovery in domestic demand as targeted policy support was implemented, according to NBC.

In July 2024, retail sales of consumer goods increased 2.7% year-on-year to nearly 3,780 billion yuan ($528.82 billion), after increasing 2% in June 2024.

Consumption in the service sector stood out with retail sales increasing by 7.2% in the seven months (1-7/2024), thanks to travel activities during the summer holidays, leading to demand for services related to transportation, tourism as well as cultural and sports activities.

Passenger numbers in the first seven months of the year broke records.

Contributing to that strong growth, nearly 300 billion yuan of very long-term special bonds to promote equipment upgrades and large-scale consumer goods exchanges were announced at the end of July 2024.

In particular, Ms. Liu also emphasized the efforts of localities in launching consumption initiatives that match their own strengths such as family tours , sports tours, and movie-themed tours. This quickly attracted attention and became a bright spot in promoting consumption growth.

Source: https://baoquocte.vn/kinh-te-trung-quoc-don-300-ty-nhan-dan-te-tu-nguon-trai-phieu-dac-biet-co-dong-luc-tang-truong-manh-hon-282829.html