Signs of Recovery! China’s retail sales grow for first time since COVID-19 outbreak

Official data released showed a rise of 0.5 per cent in the month of August compared with the same month a year ago.

China’s retail sales have returned to growth for the first time since the COVID-19 outbreak, indicating that consumer spending was catching up with the Asian nation’s wider economic recovery.

Official data released showed a rise of 0.5 per cent in the month of August compared with the same month a year ago. However, economists had anticipated that retail sales would be flat.

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Notably, Beijing has ramped up initiatives like shopping festivals and voucher campaigns to boost consumer spending.

The recovery of the world’s second-largest economy is being closely monitored by other countries still grappling with high rates of infection and extensive lockdown restrictions.