BEIJING - China’s economy showed signs of recovery in January and February as people spent more, though the impact from the country’s strict Covid-19 controlsOfficial data on Wednesday showed that the retail sector reversed the 1.8 per cent decline in December 2022 to grow 3.5 per cent in the first two months of this year, in line with expectations of analysts polled by Bloomberg and Reuters.
Factory output grew slower than expected, rising 2.4 per cent, compared with the same period last year. Bloomberg and Reuters had both forecasted a 2.6 per cent increase.crept up to 5.6 per cent in February, a slight uptick from the 5.5 per cent in December 2022 and the following January.
Consumption is set to be the biggest driver for growth in 2023, given such a low base last year, added Dr Hu, but weak confidence among consumers will mean that the recovery will be “a gradual process”.
Source: Financial Digest (financialdigest.net)
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