Visitors check out in a duty-free shopping mall in Sanya, south China's Hainan province, Sept 30, 2023. (PHOTO / XINHUA)

BEIJING -- China will not face deflation and the price situation will gradually improve, said a spokesperson for the National Bureau of Statistics on Wednesday.

China's economy has maintained a recovery trend and the demand for goods and services has continued to improve, spokesperson Liu Aihua told a press conference.

China's core CPI, deducting food and energy prices, has remained generally stable. Core CPI went up 0.6 percent year on year in October

China's broad money supply has maintained relatively fast growth, and market liquidity is generally reasonable and ample, Liu added.

Based on these factors, the price situation is expected to improve in the next stage gradually, and there will be no deflation, said Liu.

China's consumer price index (CPI), a main gauge of inflation, edged down 0.2 percent year on year in October. On a monthly basis, the CPI dipped 0.1 percent from the previous month, official data showed.

Liu attributed the fall to "structural factors" in the contributors to CPI, with weak food prices being a big drag.

The price of pork, a staple meat in China, dived 30.1 percent from a year earlier in October, with the pace of decline quickening from September's fall of 22 percent. The decline in the pork price dragged October's CPI down by 0.55 percentage points.

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Liu said the sufficient supply of agricultural products and softening consumer demand after the Mid-Autumn Festival and National Day holiday have driven food prices down.

Liu added that China's core CPI, deducting food and energy prices, has remained generally stable. Core CPI went up 0.6 percent year on year in October. 

Members of staff work at a new material company in Dingtao District of Heze City, east China's Shandong province, Oct 29, 2023. (PHOTO / XINHUA)

Industrial recovery

China possesses a solid foundation for industrial recovery and growth, a spokesperson with the National Bureau of Statistics said Wednesday.

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Production of the industrial sector has accelerated in October, while transformation and upgrading of the sector has been pushing forward, spokesperson Liu Aihua told a press conference.

Despite the industrial economy still facing pressure as the international environment remains complex, the linkage between industrial production and sales continued to improve, and emerging strategic industries accelerated their development as policies took effect, Liu said. 

Residential housing demand

The overall rigid demand for residential housing and the needs of those who wish to improve their housing conditions in China remained sufficient, a spokesperson for the National Bureau of Statistics (NBS) told a press conference Wednesday.

The overall rigid demand for residential housing and the needs of those who wish to improve their housing conditions in China remained sufficient

As various regions and departments further implement supportive measures for the property sector, and a new property development model gradually takes shape, China's property market will see a stable, healthy, and high-quality development in the future, said NBS spokesperson Liu Aihua. 

Improving employment

China's employment situation continues to improve since the beginning of this year, with surveyed unemployment rates for key groups experiencing a downward trend, Liu Aihua, spokesperson for the National Bureau of Statistics told a press conference Wednesday.

Jobs for college graduates

The employment situation for Chinese college graduates is expected to improve thanks to a spate of supportive policies and the constant optimization of a long-term mechanism for promoting their employment, said a spokesperson for the National Bureau of Statistics (NBS) on Wednesday.

This photo taken on July 21, 2023 shows a job fair for college graduates in Jinhua City, east China's Zhejiang province. (PHOTO / XINHUA)

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China's surveyed urban unemployment rate has been on a downward trend since the beginning of this year and the overall employment situation has been improving, spokesperson Liu Aihua told a press conference.

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Liu added that China is doing research on the calculation method concerning data on the youth unemployment rate and will give relevant updates upon the completion of the work.