Positive signs in the Chinese economy have been appearing since the beginning of the year, said a senior official and experts on March 12.
“The economy has been stable and has shown improving momentum from the beginning of 2019,” Ning Jizhe, head of the National Bureau of Statistics, said on the sidelines of this year’s two sessions in Beijing.
Ning said his remarks were based on currently available economic data from the January-February period, and the NBS is still working on more comprehensive data scheduled to be released on March 14.
Specifically, the first two months of the year saw an overall steady expansion in production, consumption and trade, as well as stable price levels and employment, Ning said. Market expectations have also brightened, as signaled by the stock market uptrend since the beginning of the year.
More positive signs have appeared in March, with the daily volume of electricity sold by the country’s major power supplier State Grid Corp rising 11 percent year-on-year, Ning said.
Xu Gao, chief economist at Everbright Securities Asset Management Co, said improving leading indicators may signal more robust economic growth this year.
Aggregate social financing increased by 703 billion yuan ($105 billion) year-on-year in February, the People’s Bank of China, the central bank, said on March 10.
The structure of social financing saw a notable improvement in February, Xu said.
“The amount of long-term financing has continued to accelerate its growth pace in February. This has delivered a clear signal that the economy is about to hit bottom and pick up.
“It seems that supportive macro policies have begun to boost domestic demand,” Xu added, citing structural improvements in another key leading indicator, the purchasing managers index, for February.