Retail sales in Chinathe main indicator of household consumption, grew 4.6% year-on-year in August, the National Statistics Office said.
This represents an advance compared to the 2.5% registered in July and an improvement compared to the 3% predicted in a survey of Bloomberg economists. Meanwhile, industrial production increased by 4.5% year-on-year in the same month, which is also a significant increase compared to July.
The weakness of domestic consumption, problems in the real estate sector and the fall in foreign demand had complicated the post-COVID-19 economic recovery in the world’s second largest economy.
The government in recent weeks announced a series of measures to boost growth, such as interest rate cuts or tax breaks for households and businesses.
China: employment shows slight improvement
The unemployment percentage also fell in August and stood at 5.25 in the population as a whole, according to official data, which does not include the percentage of unemployed among young people aged 16-24, which was 21.3% in June. , which represented a record level.
The job market for young people “has clearly improved,” said a spokesman for the national statistics office.
However, the Chinese economy continues to be marked by the global economic slowdown that affects the Asian giant’s exports. It has also been burdened by the crisis in its real estate sector.
Investment in fixed capital decreased by 3.2% during the first eight months of the year, reflecting a decrease in real estate spending and spending on infrastructure and industrial equipment.
Source: Larepublica
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