(16 Dec 2024)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Beijing – 16 December 2024
1. Wide of press conference
2. Mid of reporters
3. Mid of spokesperson at the podium
4. SOUNDBITE(Mandarin) Fu Linghui, Spokesperson, National Bureau of Statistics
“Generally speaking, as the existing and incremental policies continue to take combined effects in November, the national economy was stable with steady progress, accumulating more positive changes. However, we must also see that the external environment is more complicated, domestic demand is insufficient, some enterprises are facing difficulties in production and operation, and the foundation for the sustained recovery of the economy still needs to be consolidated.”
5. Various of reporters asking questions
6. SOUNDBITE(Mandarin) Fu Linghui, Spokesperson, National Bureau of Statistics:
“In November, the growth rate of total retail sales of consumer goods fell slightly compared to the previous month, but the monthly growth rate was still faster than the average growth rate of the third quarter, and the momentum of consumption recovery has not changed.”
7. Mid of reporters
8. Wide of press conference
STORYLINE:
Officials in Beijing said Monday that China’s economy logged a mixed performance in November.
National Bureau of statistics spokesperson Fu Lingshui said at the monthly government update that November retail sales slowed as consumers held back on spending on nonessentials like cosmetics, alcohol and clothing.
“However, we must also see that the external environment is more complicated, domestic demand is insufficient, some enterprises are facing difficulties in production and operation, and the foundation for the sustained recovery of the economy still needs to be consolidated,” Fu said at the press conference.
The report came days after top leaders ended an annual planning meeting that produced no major new policy initiatives as Beijing braces for potential tariff hikes when U.S. President-elect Donald Trump takes office.
Retail sales rose 3% from a year earlier, down from a 4.8% increase in October.
Factory output rose 5.4%, nearly flat compared with the previous month, while investment in fixed assets like factories slowed.
A closer look at the numbers showed sharp increases in some categories of spending last month, especially appliances and vehicles that are subject to government rebates as part of a cash-for-clunkers and other programs meant to get people to replace older appliances and cars with newer ones.
The report said auto sales rose 6.6% in November over a year earlier, but have fallen 0.7% year-on-year so far this year. Sales of appliances jumped more than 22%, and have climbed 9.6%
“The growth rate of total retail sales of consumer goods fell slightly compared to the previous month, but the monthly growth rate was still faster than the average growth rate of the third quarter, and the momentum of consumption recovery has not changed,” Fu said.
AP video shot by Borg Wong
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