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chinadaily.com.cn 2022-06-17 12:22


>Economy shows recovery momentum

An employee checks products at a steel plant in Ma'anshan, Anhui province. LUO JISHENG/FOR CHINA DAILY

China's economy has gradually overcome the impact of the epidemic, with main indicators showing marginal improvement in May, Fu Linghui, spokesperson for the National Bureau of Statistics, said Wednesday. "The economy is showing good recovery momentum," Fu said at a news conference.

Industrial output grew 0.7 percent in May from a year earlier after falling 2.9 percent in April.

China's exports jumped 15.3 percent year-on-year in May, shattering expectations as factories restarted and logistics snags eased.

The nationwide surveyed urban unemployment rate fell to 5.9 percent in May from 6.1 percent in April. Retail sales fell 6.7 percent year-on-year in May, compared with an 11.1-percent decline in April.


>China's online payment users top 900m

An employee for the online grocery platform Dingdong Maicai packs vegetables in Shanghai. [Photo/Xinhua]

The number of online payment users in China amounted to 904 million at the end of 2021, a report said Wednesday. The figure accounted for 87.6 percent of the country's total netizens and was up by nearly 50 million from a year ago, according to the Payment & Clearing Association of China.

China's cashless and cardless trend continues to grow, covering an increasing number of uses from ordering food to paying bus fare.


>Fed raises rates by three quarters

US dollar banknotes are displayed in this illustration taken, February 14, 2022. [Photo/Agencies]

The US Federal Reserve on Wednesday raised its benchmark interest rate by 75 basis points, marking the sharpest rate hike since 1994.

The Federal Open Market Committee, the Fed's policy-making body, decided to raise the target range for the federal funds rate from 1.5 to 1.75 percent.

“Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices and broader price pressures," the Fed said in a statement after a two-day policy meeting, adding it is "highly attentive to inflation risks."


>China’s policies help cool global inflation

A view of Tian'anmen Square under the blue sky in Beijing, May 6, 2019. [Photo/IC]

China's monetary policy will help tame global price pressures and further propel growth when necessary as sustained high inflation emerges as a major concern for the global economy, officials and economists said on Tuesday.

Committed to targeted supportive measures, China's central bank has refrained from large stimuli inflating domestic price levels and turbocharging demand for commodities, helping maintain global price stability and contributing to the long-term development of the world economy, they said.


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