(17 Jun 2024)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Beijing, China – 17 June 2024
1. Various of press briefing
2. SOUNDBITE (Mandarin) Liu Aihua, spokesperson for the Chinese National Bureau of Statistics
"Based on the major economic indicators in May, as the macroeconomic policy continues to take effect, external demand increases, and the Labor Day holiday, the service industry, consumption and imports and exports all resumed. Industrial production maintained rapid growth. Employment and price situations were stable. Transformation and upgrading continued to advance. The national economy continued to recover and improved, and the economic operations were generally stable."
3. Various of reporters
4. SOUNDBITE (Mandarin) Liu Aihua, spokesperson for the Chinese National Bureau of Statistics
"Since mid-May, some departments and regions have further adjusted real estate policies, and there have been some positive changes in the real estate market. According to the data just released, from January to May, the year-on-year decline narrowed down in sales of newly built commercial houses and the area of housing starts. However, it will take some time for the policy to take effect, and the real estate market is still in the process of adjustment. From January to May, real estate development investment fell by 10.1% year-on-year, the area of housing starts fell by 24.2%, the sales area of newly built commercial houses fell by 20.3% and sales fell by 27.9%."
5. Wide of reporter asking questions
6. SOUNDBITE (Mandarin) Liu Aihua, spokesperson for the Chinese National Bureau of Statistics
"The domestic demand is expected to increase.The culture and tourism and other service consumption has remained active this year, and market sales have continued to expand. According to data from relevant departments, during the Dragon Boat Festival holiday that just passed, the domestic trips and the total travel expenses continued to grow rapidly, and the tourism to promote Chinese traditional culture continued to heat up. In the next stage, with the implementation of consumption promotion policies and consumption scenarios being more innovative, consumption potential is expected to be further released."
7. Various of briefing
STORYLINE:
China’s consumer spending grew in May following the implementation of policies aimed to boost domestic demand. However investment witin the real estate market remains sluggish.
Liu Aihua, a spokesperson for the National Bureau of Statistics, told reporters at a press briefing on Monday that property investment fell by 10.1% in the first five months of 2024 and property sales, measured by floor area, fell 20.3% compared to the same period last year.
Last month, the Chinese government announced a package of new measures with the aim of reinvigorating its property industry, including reducing the minimum down payment for mortgages and removing the floor level on interest rates for the first and second homes.
The spokesperson Liu Aihua said it will take some time for the policies to take effect and the real estate market is still in the process of adjustment.
Retail sales, a crucial figure that tracks consumer demand, rose 3.7% in May, compared to 2.3% in April, according to the data released on Monday.
Liu said the growth is the result of travelling during two significant holidays in May, Labor Day and the Dragon Boat Festival, and is also due to the "618" shopping festival that was designed to encourage spending.
AP video shot by Borg Wong
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