Following the release of the January-February activity numbers, China’s National Bureau of Statistics (NBS) released a statement, via Reuters, expressing their take on the economy.
Key headlines
China's economy faces many risks and challenges, external environment complex and severe.
National economy recovered better than expectation in the first two months of 2022.
Momentum of China’s economic recovery sound in Jan-Feb.
Sees increasing positive changes in economic performance.
Foundation for economic recovery not solid yet.
Need to watch COVID-19’s impact on China’s economy.
Sales related to winter Olympics helped boost Jan-Feb retail sales.
Expect China’s consumption recovery to continue.
Expect China’s economy to maintain relatively good performance in Q1.
Ukraine crisis’ impact on China’s economy limited, could push up import prices.
China’s employment remains stable, rising jobless rate mainly driven by seasonal factors.
Expect development of China’s property sector to remain steady.
Need to work hard to achieve 2022 growth target of around 5.5%.
Rising fixed-asset investment shows China’s drive to spur spending on infrastructure projects gain traction.
Market reaction
AUD/USD is erased most losses to now trade flat at 0.7183 on the upbeat Chinese data and NBS comments.