China vows to roll out consumption support policies without delay

  • China’s top economic planner pledged on Tuesday that it would roll out policies to “restore and expand” consumption without delay as consumers’ purchasing power remained weak, suggesting an urgency to revive domestic demand.
  • The world’s second-largest economy grew at a frail pace in the second quarter, official data showed on Monday. Gross domestic product expanded 6.3% in the second quarter from a year earlier, well below the forecast for growth of 7.3%.
  • At a monthly news conference by the National Development and Reform Commission (NDRC) on Tuesday, Jin Xiandong, an NDRC official, said persistent economic recovery faces difficulties and challenges of “insufficient demand, weak momentum and weak confidence.”
  • Retail sales, a gauge of consumption, grew 3.1% in June, slowing sharply from a 12.7% jump in May. Analysts had expected growth of 3.2%.
  • The youth jobless rate climbed to 21.3% in June from 20.8% in May, a new record high, as graduates scrambled for limited offers during the job-hunting season.
  • Indicating weak private business confidence, private fixed-asset investment shrank 0.2% in the first six months, versus 8.1% growth in investment by state entities.

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