(14 Sep 2024)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Beijing – 14 September 2024
1. Wide of news conference
2. Journalists
3. SOUNDBITE (Mandarin) Liu Aihua, Chief Economist of the National Bureau of Statistics:
“The national economy was generally stable in August with steady progress in pursuing high-quality development. However, we should be aware that the adverse impacts arising from the changes in the external environment are increasing, effective demands remain insufficient at home, and the sustained economic recovery is still confronted with multiple difficulties and challenges.”
4. Journalists
5. SOUNDBITE (Mandarin) Liu Aihua, Chief Economist of the National Bureau of Statistics:
“Industrial production activities in July and August were affected to a certain extent by special climate factors such as high temperature and heavy rains and floods. At the same time, some industries were also affected by insufficient market demand and the combined impact of the above factors, the year-on-year growth rate of industrial added value declined in the past two months.”
6. Various of journalists
7. SOUNDBITE (Mandarin) Liu Aihua, Chief Economist of the National Bureau of Statistics:
“From January to August, real estate development investment decreased by 10.2%, maintaining the same decline rate as from January to July. The sales area of commercial buildings dropped by 18%, with the decline narrowing by 0.6 percentage points. The sales of commercial buildings fell by 23.6%, with the decline narrowing by 0.7 percentage points. The newly started construction area of residential buildings decreased by 22.5%, with the decline narrowing by 0.7 percentage points. These figures shows that the real estate market currently remains in a state of adjustment.”
8. Various of journalists
9. SOUNDBITE (Mandarin) Liu Aihua, Chief Economist of the National Bureau of Statistics:
“Since the third quarter the central government has stepped up its efforts to support large-scale equipment renewal, and the issuance and use of special government bonds and special bonds have also accelerated. As these funds are gradually implemented into specific projects and the impact of high temperature on the project construction weakening, more physical gains will be generated and the scale of investment will continue to expand.”
10. Wide of news conference
STORYLINE:
China’s Chief Economist of the National Bureau of Statistics announced on Saturday during a briefing in Beijing that China’s economy had softened in August, extending a slowdown in industrial activity and real estate prices as Beijing faces pressure to ramp up spending to stimulate the economy.
“We should be aware that the adverse impacts arising from the changes in the external environment are increasing,” said Liu Aihua.
Data published by the National Bureau of Statistics Saturday showed weakening activity across industrial production, retail sales and real estate in August compared to July.
Liu said that demand remained insufficient at home, and the sustained economic recovery is still confronted with multiple difficulties and challenges.
China has been grappling with a lagging economy post-COVID, with weak consumer demand, persistent deflationary pressures and a contraction in factory activity.
Chinese leaders have ramped up investment in manufacturing to rev up an economy that stalled during the pandemic and is still growing slower than hoped.
Beijing is facing increasing pressure to implement large-scale stimulus measures to boost economic growth.
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