s
Global EditionASIA 中文双语Français
Business
Home / Business / Macro

Chinese retail sales grow amid signs of wider economic recovery: Financial Times

Xinhua | Updated: 2020-09-16 11:13
Share
Share - WeChat
Children select drinks at a supermarket in Handan City, north China's Hebei Province, Aug. 10, 2020.

LONDON -- Chinese retail sales grow for the first time this year, and the rise in consumer spending is the latest indicator of wider economic recovery in the Asian country, a major British newspaper reported Tuesday.

"China's retail sales returned to growth for the first time since the coronavirus outbreak, in the latest sign that consumer spending was catching up with the country's wider economic recovery," the Financial Times said.

"The recovery gained momentum after new cases of the virus slowed to a trickle and government infrastructure projects helped to support economic activity," the newspaper noted.

Oxford Economics, a consultancy, suggested that China's economic recovery was "on a reasonably firm footing now and should continue through Q4 (the fourth quarter) and into 2021, with solid investment growth, gradually recovering consumption momentum and resilient exports," it added.

China's retail sales of consumer goods, a major indicator of consumption growth, expanded for the first time this year, the Chinese National Bureau of Statistics said Tuesday.

In August, the total retail sales of consumer goods reached 3.36 trillion yuan ($492.08 billion), rising 0.5 percent year on year.

In the first eight months, the total retail sales of consumer goods reached 23.8 trillion yuan ($3.5 trillion), down 8.6 percent year on year, narrowing by 1.3 percentage points compared with that in the first seven months.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE