Jiangsu keeps steady economic recovery in July

2021-08-18 14:27:00

Jiangsu’s major economic indicators showed stable growth in July, according to the province’s department of statistics.

The consumer price index (CPI), a main gauge of inflation, rose 1.9% year on year in July, 0.2 percentage points lower than in June. This indicated the increased purchasing power of residents and recovery of consumer confidence in the coastal province.

Photo/CFP

Jiangsu’s main economic indicators such as industry, services, consumption and investment all continued their faster growth trend in the first half of the year.

General public budget revenue, a core indicator of regional economic development, rose 9.5% year on year in July and 17.6% in the first seven months compared to the same period last year.

An official of the department said the impacts on economy of the COVID-19 outbreak in late July will be felt perhaps in August but the progress in fighting the pandemic also means the impacts within a controllable range.

As a major manufacturing and service power, Jiangsu's secondary and tertiary industries continued to pick up, driving profit growth in most sectors. A number of economic indicators have recovered and even surpassed their pre-epidemic levels, which may contribute to growth expectations.

Since the beginning of this year, Jiangsu also reported accelerated progress of major projects.

For the consumer goods market in July, most key commodities achieved double-digit growth in retail sales.