In an effort to stimulate activity in the world’s second economic power, Beijing has doubled targeted measures in recent weeks, but it still refrains from approving a large-scale recovery plan called for by economists that would increase its debt.
Retail sales, the main indicator of household consumption, rose by 4.6% in August compared to the same month last year, according to official figures issued Friday by the National Statistics Office.
These data reflect a much faster pace than in July (2.5%), and also higher than the expectations of analysts surveyed by Bloomberg (3%).
This is the largest increase since May for this indicator, which the markets are monitoring.
However, economic activity is still suffering from the slowdown in the global economy, which is reflected in the demand for Chinese products and thus in this country’s exports. It is also directly affected by the severe crisis in the real estate sector.
Industrial production also accelerated sharply in August, achieving +4.5% at an annual pace, which is much higher than in July (3.7%) and than analysts expected (3.9%).
© 2023 AFP
2023-09-15 07:27:05
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