BEIJING, March 18 (Xinhua) — (Reporter Liu Zhiqiang) The National Bureau of Statistics released the national economic performance for January-February this year on March 18. Data showed that with the continuous release of effects from the macro policy mix, the internal drivers of the economy have continued to recover, production and demand have risen steadily, the employment situation is generally stable, consumer prices have turned from a decline to a rise year on year, the quality of development has been continuously improved, and the economy has got off to a stable start, maintaining a momentum of recovery and improvement.

Major indicators of production and demand rose steadily. In terms of production, industrial production accelerated somewhat, with the consumer goods manufacturing and high-tech manufacturing sectors recovering, and the scope of industrial and product growth expanding. From January to February, the value-added of industrial enterprises above designated size increased by 7% year on year, 0.2 percentage points faster than in December last year. In terms of growth coverage, more than 90% of industries and over 60% of products achieved year-on-year growth. The service sector maintained a sound growth momentum and improved prosperity. From January to February, the service sector production index rose by 5.8% year on year. In terms of demand, market sales continued to recover, consumption potential of upgraded goods was unleashed, and holiday factors boosted service consumption. From January to February, the total retail sales of consumer goods rose by 5.5% year on year. Investment growth picked up, with manufacturing investment growing rapidly, driven notably by large projects. From January to February, fixed-asset investment rose by 4.2% year on year, 1.2 percentage points faster than the full-year growth of last year, among which manufacturing investment increased by 9.4%, 2.9 percentage points higher. Imports and exports maintained rapid growth. From January to February, goods imports and exports rose by 8.7% year on year.

Consumer prices turned from a decline to a rise year on year. In February, affected by factors such as increased demand for food and service consumption during the Spring Festival holiday and rising international oil prices, the Consumer Price Index (CPI) rose by 1% month on month and turned from a 0.8% year-on-year decline in the previous month to a 0.7% rise. Core CPI, excluding food and energy, rose by 1.2% year on year, 0.8 percentage points higher than the previous month.

New drivers and new strengths have been continuously fostered. High-tech industries achieved sound development. From January to February, the value-added of high-tech manufacturing above designated size increased by 7.5% year on year, 1.1 percentage points faster than in December last year. During the same period, investment in high-tech industries and investment in technological transformation of manufacturing rose by 9.4% and 15.1% year on year respectively, maintaining rapid growth. New business forms remained dynamic. From January to February, online retail sales of physical goods increased by 14.4% year on year, 6 percentage points faster than the full-year growth of last year.

People's Daily, March 19, 2024, Page 1