Effective incremental policy support strengthens positive trend of recovery

On Friday, the National Bureau of Statistics released data showing that major economic indicators such as consumption, services, and imports and exports have all significantly rebounded, consolidating the positive trend of economic stabilization and recovery since September.

First, the momentum of market sales recovery is evident. Influenced by the consumer subsidy policy for trade-ins, the retail sales of household appliances, automobiles, furniture, and office supplies in units above a designated size in October have seen a quicker year-on-year growth compared to September, driving the total retail sales of consumer goods to increase by 1.2 percentage points to 4.54 trillion yuan ($627.9 billion).

Second, investment growth has also become more pronounced. Driven by large-scale equipment updates, investment in equipment and tools purchases from January to October increased by 16.1 percent year-on-year, contributing to a 2.1 percentage point increase in total investment, with a contribution rate of over 60 percent.