Data indicates stronger Chinese economic recovery

China's National Statistics Bureau on Friday released monthly economic data and the data indicates a stronger recovery of the economy in August compared with the prior month.

The bureau's spokesperson told reporters that the economy has "withstood the pressure" from shrinking demand, epidemic outbreaks and the extreme high-temperature weather in August.

The ruling party is struggling to revive activity after Shanghai and other industrial centers were shut for weeks starting in late March to fight virus outbreaks.

China's four largest state-owned commercial banks cut their deposit rates on Thursday, for first time since 2015, when Beijing is stepping up efforts to shore up sagging economic growth.