久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Policies

Policy support expected to boost growth

By Ouyang Shijia | chinadaily.com.cn | Updated: 2023-06-01 04:47
Share
Share - WeChat
Workers assemble wind turbine wheels at a factory in Lianyungang Economic and Technological Development Zone, East China's Jiangsu province, Feb 28, 2023. [Photo by Geng Yuhe/for China Daily]

Data: Strong consumption crucial to steady recovery

China's factory activity dipped further into contraction in May amid slowing production and weakening demand, official data showed on Wednesday, putting more pressure on policymakers seeking to consolidate the foundations of economic recovery.

The official purchasing managers index for the country's manufacturing sector fell to 48.8 in May from 49.2 in April, below the 50-point mark that separates growth from contraction, data from the National Bureau of Statistics showed.

Economists said the latest figures indicated that China's businesses and the broader economy came under downward pressure amid insufficient demand and a more complicated external environment, raising the likelihood of more near-term policy support to boost growth, expand domestic demand and spur market confidence.

NBS data showed the subindexes for production and new orders came in at 49.6 and 48.3 in May, respectively, down from 50.2 and 48.8 in April.

Despite the challenges, Wen Bin, chief economist at China Minsheng Bank, said that China's economy will likely expand at a faster pace in the second quarter due to the low comparison base in the previous year. More efforts should be made to step up policy support such as reductions in the reserve requirement ratio and interest rate cuts, Wen added.

He linked the insufficient demand to factors including households lacking the purchasing power for persistently spending amid mounting employment pressure and the "scarring effect" of COVID-19.

Other factors include small and medium-sized enterprises' weakening expectations, a still weak property sector and the deteriorating export sector amid slowing external demand and geopolitical tensions, he added.

Li Xiaochao, former deputy head of the NBS, said that China will likely meet its preset annual growth target of around 5 percent in 2023 given the nation's continuing recovery trend and a low comparison base in the previous year.

Meanwhile, he called for more policy stimulus to shore up the economy and more efforts to stimulate market vitality.

Meanwhile, China's nonmanufacturing PMI remained resilient at 54.5 in May, albeit moderating from 56.4 a month earlier. Also, the country's official composite PMI, which includes both manufacturing and nonmanufacturing activities, came in at 52.9 in May compared with 54.4 in April, according to the NBS.

"The resilient nonmanufacturing PMI was mainly backstopped by a burst of suppressed demand during the first post-COVID Golden Week holiday, while the PMI for the construction sector dropped sharply on weak demand," said Lu Ting, chief China economist at Nomura.

Citing a meeting of the Political Bureau of the Communist Party of China Central Committee held in late April, economists said the recovery of the world's second-largest economy remains patchy with the endogenous driving force still weak and demand insufficient, underscoring the need for more policy stimulus to shore up growth.

Wang Yiming, vice-chairman of the China Center for International Economic Exchanges, said while China's domestic demand is on track for a continued recovery, it will still take some time to see a full recovery from the impact of the pandemic.

NBS data showed that China's retail sales growth jumped to 18.4 percent year-on-year in April from 10.6 percent in March.

Wang said at a meeting held by the CCIEE on Monday that the key to steady economic recovery is to expand consumption, boost domestic demand and improve market expectations.

The focus should be placed on innovating policy tools and improving the mechanism to expand consumption, further boosting consumer confidence, stabilizing employment, increasing support for the private sector, especially SMEs, and spurring in-person services, he said.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 看一级特黄a大片日本片 | 欧美一级一级片 | 精品一久久香蕉国产二月 | 国产成人精品午夜在线播放 | 男人的天堂在线精品视频 | 亚洲在线精品视频 | 国产盗摄视频 | 国产在线观看精品香蕉v区 国产在线观看免费人成小说 | 亚洲精品日韩在线一区 | 男人扒开双腿女人爽视频免费 | 亚州综合| 精品国产美女福到在线不卡f | 黄色一级毛片 | 国产欧美成人不卡视频 | 午夜a一级毛片一.成 | 996久久国产精品线观看 | 无限观看社区在线视频 | 国产成人精品免费视频软件 | 欧美精品xx | 国产精品久久大陆 | 失禁h啪肉尿出来高h健身房 | 国产三级精品三级国产 | 国内精品小视频福利网址 | 国产成人夜间影院在线观看 | 大量真实偷拍情侣视频野战 | 美国毛片基地a级e片 | 日韩大片高清播放器大全 | 亚洲成人综合网站 | 亚洲欧美偷拍自拍 | a毛片免费全部在线播放毛 a毛片免费视频 | 黄色毛片免费 | 波多野结衣在线中文 | 久在线观看视频 | 欧洲色老头| 国产福利微拍精品一区二区 | 亚洲天堂爱爱 | 黄a在线观看 | 久久www视频| baoyu121永久免费网站 | 在线观看香蕉免费啪在线观看 | 欧美一区二区亚洲 |