SHENZHEN’S economy has continued to recover, as major economic indicators for the first 10 months have shown, according to the city’s statistics bureau Wednesday.

From January to October, Shenzhen’s industrial, fixed-asset investment and foreign trade posted positive growth, and finances have kept the momentum of strong growth.

During the period, the industrial added value of enterprises at or above designated scale increased by 1 percent year on year.

Among them, the added value generated by the industries of computers, telecommunications and electronic equipment manufacturing increased by 0.8 percent year on year. The added value of the electric machinery and apparatus manufacturing, and the special equipment manufacturing increased by 1.2 percent and 6.2 percent, respectively.

Between January and October, fixed-assets investment increased by 8.5 percent year on year and investment in infrastructure increased by 7.8 percent. Private investment rose by 17.4 percent.

Retail sales of consumer goods reached 81.3 billion yuan (US$11.7 billion) in October, up 4.5 percent year on year, continuing the positive growth since July. The total retail sales of consumer goods in the past 10 months amounted to 685.7 billion yuan, down by 7.5 percent year on year, but the decline was narrowed by 1.5 percentage points compared to the first three quarters of the year.

Customs statistics showed the city’s foreign trade volume edged up 1.9 percent year on year to 2.44 trillion yuan in the first 10 months, increasing 1.9 percent year on year.

Of the total, the export volume dipped by 1.3 percent to 1.34 trillion yuan and imports increased by 6 percent to 1.1 trillion yuan.

Nationally, China’s economy continued its robust recovery in October, the latest data released by the National Bureau of Statistics showed.

Effective COVID-19 control and government policies to boost demand and consumption led to broad-based improvements in major economic indicators.

Retail sales of consumer goods, the main gauge of China’s consumption, climbed 4.3 percent year on year to 3.86 trillion yuan last month. The restaurant and food service industry reported a 0.8-percent increase in revenue, the first expansion this year.

The International Monetary Fund currently projects that China’s economy will grow by 1.9 percent in 2020 and expand at 8.2 percent in 2021.

(Han Ximin)