BEIJING : China's retail sales in the first two months of 2023 swung back to growth, but factory activity expanded more slowly than expected, suggesting the bruised economy still needs time to fully emerge from pandemic damage.
Retail sales in the first two months jumped 3.5 per cent, reversing a 1.8 per cent annual fall seen in December. The result was in line with analysts' expectation and hopes for an economic revival led by consumption as flagging global demand weakens Chinese exports. Fixed asset investment in the first two months was 5.5 per cent higher than a year earlier, compared with expectations for a 4.4 per cent rise. For all of 2022, fixed asset investment was up 5.1 per cent on 2021.
China has set a modest annual growth target of around 5 per cent this year after significantly missing its target for 2022 and recording one of its worst showings in nearly half a century.
Source: News Formal (newsformal.com)
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