China's Economy Is Off To a Good Start This Year, National Bureau of Statistics Says
Yicai Global
/SOURCE : Yicai
China's Economy Is Off To a Good Start This Year, National Bureau of Statistics Says

(Yicai Global) March 14 -- The Chinese economy performed well on most indicators, beating expectations in some areas, in the first two months of this year, said Sheng Laiyun, spokesman and chief economist of the National Bureau of Statistics.

There has been a modest recovery in production and demand in China, and the steady upward trend since the second half of last year has continued, he said at a press conference today.

In general, there are three main positive changes -- the foundation for stable economic growth has become stronger, the growth momentum has increased and the uptrend went on, he said.

Some 32 of the 41 major industrial sectors registered positive growth in January and February, he said. Industrial electricity consumption rose 6.9 percent. It recorded negative growth during the same period last year. Power consumption in the service industry grew significantly. Similar growth rates were achieved in railway freight and business turnover in the telecommunication and courier markets. National private investment rose 6.7 percent in the first two months, up 3.5 percentage points from 3.2 percent for the full-year of 2016.

Macroeconoic growth is measured using four indicators -- growth, employment, inflation and international payments, Sheng said. Added-value of industrial companies above the designated scale grew 6.3 percent, and the service industry production index was up 8.2 percent in the first two months, indicating that growth has accelerated in both sectors. Employment and prices stayed stable overall.

China's international payments have improved significantly compared with the end of last year and the same period in 2016, he said. Exports and imports were up 20.6 percent and 11 percent year-on-year, respectively, said Sheng.

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