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

Source: Xinhua| 2020-09-15 23:47:25|Editor: huaxia

People visit a shop at the renovated East Nanjing Road Walkway in east China's Shanghai, Sept. 12, 2020. (Xinhua/Fang Zhe)

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

LONDON, Sept. 15 (Xinhua) -- 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.

Customers shop at a duty-free shop in Haikou, capital of south China's Hainan Province, Aug. 18, 2020. (Xinhua/Guo Cheng)

"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.

People buy snacks during a shopping carnival held in the Wangjing subdistrict as part of a consumption stimulus plan in Chaoyang District, Beijing, capital of China, Aug. 8, 2020. (Xinhua/Chen Zhonghao)

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

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

Customers shop at a duty-free shopping mall in Haikou, capital of south China's Hainan Province, June 29, 2020. (Xinhua/Guo Cheng)

KEY WORDS:
EXPLORE XINHUANET
010020070750000000000000011102121393708021