And instead of deploying excess savings in waves of “revenge spending,” Chinese consumers — scarred by years of economic disruption and financial precarity due to harsh zero-COVID policies — have remained reluctant to make major purchases that could rev up economic growth.More Chinese consumers preferred to save their earnings in the first six months of 2022, according to findings from a quarterly survey by the People’s Bank of China released on June 29.
“There’s a lot of high expectations of a stimulus package,” said Steven Sun, head of research and equity strategy at HSBC Qianhai Securities Ltd. “And, suffice to say, still have a lot of policy room.” Yet the grim picture painted by recent economic data out of China has convinced some strategists that at least some form of stimulus is likely, and could help turn market sentiment round.
Source: News Formal (newsformal.com)
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