China’s post-Covid economic recovery intact in January and February, but rebound not yet ‘solid’, NDRC says
- Electricity generation and rail cargo volume in China have surged in the two months, showing a continued rebound from the coronavirus pandemic a year ago
- Despite the strong numbers, China’s top economic planning agency says consumer spending is still subdued and there are challenges in the global economy
China’s economic recovery from the damage caused by the coronavirus pandemic is “not yet solid”, although the trend of steady improvement continued at the beginning of 2021, the country’s top economic planning agency said on Monday.
Ning Jizhe, deputy director of the National Development and Reform Commission, cited a 24.2 per cent year on year rise in electric power generation in January and February and a 16.5 per cent increase in rail freight volume over the same period as examples of China’s continued economic rebound.
In addition, the proportion of companies and investment projects that reopened after the Lunar New Year holiday were both higher than in previous years, pointing to strong production momentum in the world’s second largest economy, said Ning, who is also head of the National Bureau of Statistics (NBS).
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Economic indicators such as electricity generation, rail cargo volume and bank lending were used as alternatives to gross domestic (GDP) output by current premier Li Keqiang when he was Communist Party chief in the northeastern province of Liaoning between 2004-07.
