According to data from the National Bureau of Statistics, retail sales of consumer goods continued the gradual recovery evidenced in the first half of the year, although they have not yet reached the values desired by the world’s second largest economy.

In fact, the country is applying new measures to restore and stimulate consumption, an essential factor in the economic model. China’s top planning body recently called to intensify macro-policy regulations, increase investment, support the development of the private economy, further promote the country’s reform and opening-up, and improve public welfare.

Other data released on Tuesday showed that value-added industrial production grew by 3.7 percent year-on-year in July.

This indicator is used to measure the activity of large-scale enterprises, each with an annual volume of at least 20 million yuan (about 2.79 million dollars).

On the other hand, China’s services production index rose 5.7 percent year-on-year in July.

On this matter, authorities recently published that China’s commerce of service grew by 8.5 percent year-on-year in the first six months of 2023.

The total value stood at 3.14 trillion yuan (about 439.19 million dollars), according to the Ministry of Commerce.

China’s economy grew by 5.5 percent in the first half of the year, thanks to increasingly stronger domestic consumption after Covid-19.

Moreover, experts ruled out possible deflation in 2023 despite the complex international scenario.

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