The Information Office of the State Council held a regular policy briefing at 10 a.m. today, at which Cong Liang, deputy director of the National Development and Reform Commission, interpreted China's economic situation and policies, and responded to reporters' questions on economic operation and deflation.
According to Deputy Director Cong Liang's response, the effect of the current policy combination has gradually emerged, so that China's economic operation continued to recover in August, most indicators improved marginally, and positive factors gradually increased. He points out the following information of interest:
- Domestic demand continues to recover: the growth rate of total retail sales of consumer goods accelerated by 2.1 percentage points over the previous month, the scale of investment continued to expand, and the real estate market showed signs of recovery.
- Production and supply are rising steadily: the growth rate of industrial added value above designated size and the production index of service industry accelerated by 0.8 and 1.1 percentage points respectively compared with July, the growth rate of manufacturing industry accelerated significantly, and the growth trend of the service industry was good.
- Structural adjustment has progressed steadily: the growth rate of investment in manufacturing and infrastructure is higher than the overall level, and investment in high-tech industries is outstanding.
- The resilience of major economic provinces is prominent: the growth rate of foreign trade imports and exports in Guangdong and Zhejiang has reached double digits, and the physical quantity indicators of Jiangsu, Shandong, Henan, Anhui and other provinces have grown well.
- Social expectations have improved: the manufacturing purchasing managers' index continued to rise, and the service sector business activity index expectation index is in the boom range.
In addition, in response to reporters' questions about deflation, Deputy Director Cong Liang made it clear that there is no deflation in China's economy, and stressed that there will be no deflation in the later stage. He pointed out that in recent years, China's prices have generally remained relatively stable and performed well under the background of high international inflation. Although prices are still running at a low level this year and need attention, considering a combination of factors such as price level, demand recovery, economic growth, money supply, etc., there is no deflation in the Chinese economy.
According to August data, household consumption continued to recover, supply and demand improved, and price indicators showed positive changes. Deputy Director Cong Liang said that with the steady recovery of demand, the enhancement of market confidence and the continuous improvement of economic operation, coupled with the gradual weakening of the low base effect, the overall level of China's prices is expected to continue to recover and gradually return to near the annual average level.
The above is about Cong Liang, deputy director of the National Development and Reform Commission, who responded to China's economic situation and deflation at a regular policy briefing. This news conveys a positive signal of China's sustained economic recovery and development, and has also aroused extensive discussion and concern.
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