China’s Stats Bureau: Stimulus policies are gradually showing their effects

The spokesman for the country’s stats bureau, National Bureau of Statistics (NBS), is out on the wires assuring markets that the economy is facing increasing downside pressures but stimulus are gradually showing their effects. 

China data released at 02:00 GMT today showed the industrial production in July grew at its lowest rate since February 2002 and the retail sales took a hit, bolstering fears of a deeper economic slowdown in the near future. 

Key quotes

Economy is facing increasing downward pressure but policy measures are gradually showing effects.

China able to maintain steady, healthy economic growth in the future.

China’s consumption still has big potential.

China’s overall inflation is likely to be stable.