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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
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Watch: China’s economic recovery sped up in August, led by the first growth in retail sales since Covid-19 hit early in the year and an acceleration in industrial output. (Source: Bloomberg)
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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.