Economics
Chinese Consumers Join Industrial Recovery From Covid-19
- August retail sales increased for the first time this year
- Positive data prompt ANZ to increase its growth forecasts
This article is for subscribers only.
China’s economic recovery from Covid-19 accelerated, spurred by a rebound in consumption as virus restrictions eased and larger-than-expected gains in industrial output.
Retail sales rose for the first time this year in August, by 0.5% from a year earlier, while industrial production expanded 5.6%, against a forecast of 5.1%. In the first eight months, retail sales slid 8.6%, industrial production advanced 0.4%, and fixed-asset investment was 0.3% lower than the same period in 2019, the National Bureau of Statistics said Tuesday.