Daily Management Review

State Bureau of China: Risk of stagflation in global economy is growing


At a press conference about economic indicators for July on Monday, Fu Linghui, a spokesman for China's State Statistics Office, stated that while the Chinese economy is still recovering, the foundation for such a recovery is still not strong enough due to the rising risk of stagflation in the global economy.

Paul Ijsendoorn @ PhotosPublic
Paul Ijsendoorn @ PhotosPublic
"Overall, measures for efficient and thorough coordination of the epidemic's prevention and control (of COVID) and socioeconomic development were successful in July, and the nation's economy kept improving. The risk of stagflation in the global economy is rising, and the foundation for the national economic recovery is still shaky, so we should also be aware of that," he said.

He added that, despite the fact that China experienced a challenging and tense international situation last month and frequent coronavirus outbreaks within its borders, production and supply recovery, stability in employment and pricing, and active growth in international trade were all made possible by the efficient coordination of mechanisms for pandemic prevention and control, economic and social development policy, and implementation of a set of measures to stabilize the economy.

He emphasized that in the following phase, the authorities will concentrate on boosting domestic demand, stabilizing employment and prices, successfully ensuring and enhancing the population's living conditions, and bolstering the foundation for economic recovery.

source: cgtn.com