Following the release of the March activity numbers, China’s National Bureau of Statistics (NBS) released a statement, via Reuters, expressing their take on the economy.
Key headlines
Domestic and international uncertainties increasing.
Economy faces many challenges and difficulties.
Will step up support for industries affected by covid.
China’s employment remains largely stable.
Final consumption accounted for 69.4% of China’s Q1 GDP growth.
Confident of overcoming difficulties to keep economy stable.
Rising jobless rate in march reflects difficulties facing businesses, rising employment pressure.
China will be able to contain covid and reduce impact on the economy.
There are still favourable factors for the economy despite short-term downward pressure.
Will step up macro policy implementation to stabilise economy.
Expects China’s economy to remain recovery trend this year.
Will strive to achieve full-year economic targets.
Declines in property sales to ease, property market to stabilise.
Capital formation accounted for 26.9% of Q1 GDP growth.
Net exports accounted for 3.7% of Q1 GDP growth.
China able to keep consumer price rises benign.
Market reaction
AUD/USD is testing lows near 0.7380 on the mixed Chinese data dump and NBS comments. The pair is losing 0.22% on the day, as it currently trades at 0.7379.
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