Spokesperson Fu Linghui highlighted that in response to the current challenges, the central authorities intensified macroeconomic adjustment and pushed through a series of additional policies, which influenced a significant rise in leading indicators in October.
“Retail sales grew 4.8 percent year-on-year, driven by consumer goods renewal policies, while the services sector registered an increase of 6.3 percent, the highest growth of the year,” he emphasized.
In turn, trade in goods showed competitiveness in an environment of global slowdown, with a year-on-year increase of 4.6 percent in the total value of imports and exports.
According to the spokesperson, the economy maintained stability in the industrial and investment sectors, as well as in employment and price levels.
In October, industrial production of large-scale enterprises grew 5.3 percent year-on-year, while investment in fixed assets accumulated an increase of 3.4 percent in the first 10 months of the year.
The urban unemployment rate stood at five percent and the consumer price index rose 0.3 percent, moderated by declines in food and energy costs.
Fu also noted renewed optimism in the market, with a notable recovery in real estate transactions and a significant increase in stock market activity.
In October, sales of new and second-hand homes showed remarkable growth, and transaction volume on the Shanghai and Shenzhen stock exchanges increased by up to 1.5 times compared with a year earlier, it said.
According to the spokesperson, consumer confidence also strengthened and recorded its first increase in six months.
The spokesperson indicated that the Chinese economy showed stable and promising progress in October, although he highlighted the persistence of challenges in the international environment and in domestic demand.
In the near future, the Government plans to strengthen macroeconomic control, promote innovation, stimulate domestic demand and consolidate the economic recovery trend to ensure high-quality development.
China is immersed in a process of deepening comprehensive reform and opening up and is also prioritizing emerging industries.
The Asian giant set an economic growth target of around five percent for 2024.
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