China's economy powered ahead in the 3rd quarter, data showed on Monday, October 19, building on a strong recovery from painful coronavirus lockdowns, while the country's crucial army of consumers picked up their spending last month as they grow more confident.
But long-term fears over jobs and a potential virus rebound in China are weighing on consumer sentiment, despite government attempts to reignite domestic demand."China built its quick recovery via stringent lockdowns, massive testing, population tracking, and fiscal stimulus," Nomura chief China economist Lu Ting said.
OCBC Bank's head of Greater China research Tommy Xie told Agence France-Presse that retail figures showed a positive trend, suggesting"rising interest in big-ticket items," with car sales a key driver of the spending rebound.
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