China's Economy Still Stable in July as Market Expectations Rise, National Statistics Bureau Says
Dou Shicong
/SOURCE : Yicai
China's Economy Still Stable in July as Market Expectations Rise, National Statistics Bureau Says

(Yicai Global) Aug. 14 -- China's fixed-asset investments (excluding those by farmers) totaled USD5 trillion (CNY33.74 trillion) in the first seven months of this year, up 8.3 percent from the same period last year, per macroeconomic data the National Bureau of Statistics (NBS) outed today.

Real estate investment grew 7.9 percent yearly to CNY5.98 trillion, and total retail consumer goods transactions rose 10.4 percent to CNY2.96 trillion.

Fixed-asset investment growth fell by 0.3 percentage points last month compared with the previous six months, while real estate investment expansion also dropped by 0.6 monthly percentage points. Investment in housing property development grew 10 percent to CNY4.07 trillion, or 68 percent of the total. The 10 percent monthly rise was 0.2 percentage points slower than June's. Total floor area of commercial properties sold from January through July increased 14 percent annually to 864 million square meters, a slowdown of 2.1 percentage points in monthly growth compared with the first six months of the year.

Total retail sales of consumer goods grew 10.4 percent annually to CNY2.96 trillion last month. With a breakdown of product categories, sales revenues of catering businesses totaled CNY320.4 billion, up 11.1 percent. Sales of other types of consumer goods and services hit CNY2.64 trillion, up 10.3 percent. Online retail sales rose 33.7 percent to CNY3.66 trillion.

Economic growth stayed at reasonable levels overall last month, the NBS noted. Total production volume and demand both steadily increased, while employment and price data held stable, showing the consistently improving quality and effectiveness of economic development.

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Keywords: NBS , Fixed-Asset Investment , Real Estate Development , Retail Sales