August 14, 2020

China’s domestic spending sluggish as economy recovers from virus

Beijing (AFP) – China’s retail sales dropped in July, official data showed Friday, indicating that sluggish consumer spending could hold up the country’s recovery from the coronavirus outbreak.Retail sales — a key indication of consumer sentiment — shrank by 1.1 percent on-year, falling short of forecasts and suggesting many are still reticent about going out to spend time and money, even as China appears to have the virus largely under control.The latest data follows a drop of 1.8 percent on-year for retail sales in June.Bloomberg analysts had projected sales would recover to a modest 0.1 p…


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