China’s NBS: Economic operations show stabilizing and recovery
Following the release of the key economic data from China, the country’s National Bureau of Statistics (NBS) released a statement, via Reuters, expressing their outlook on the economy.
Key quotes
Economic operations show stabilizing and recovery.
Foundation of economic recovery not solid yet.
China's employment basically stable, rise in Feb jobless rate due to seasonable factors.
China's economy still faces many difficulties this year, including global risks.
2023 growth target of around 5% in line with economic reality.
Setting excessively high growth target unfavourable for higher quality growth.
Faces pressure and challenges in achieving 2023 growth target.
Expects continued policy tightening in some countries as inflation stays high.
Confident in achieving 2023 growth target.
Consumption will show significant recovery this year.
Needs to step up investment, including in tech innovation.
Will be able to achieve annual inflation target of around 3% despite some pressures.
Will step up support to stabilize employment.
Will continue to take measures to boost consumption.
China's property market shows some positive changes, expects the sector to stablilize.
Expects external demand to weaken this year.
China's foreign trade faces some challenges, but also have favourable conditions.
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Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
