China’s industrial output expands, retail sales stimulate economy
August had seen China’s industrial output expanding at the fastest pace in eight months. Meanwhile, retail sales advanced for the first time this year, indicating that the country’s economic recovery is gaining momentum on demand’s emergence from the coronavirus drag.
Industrial output growth accelerated 5.6% in August from a year earlier, data from the National Statistics Bureau showed on Tuesday. Moreover, the figure came higher than the 4.8% record seen in July, placing above the 5.1% growth expected by analysts.
Retail sales recorded a 0.5% jump on-year, ending a seven-month decline and surpassing analysts’ prediction for zero growth. This followed after sales were seen 1.1% lower in July.
After the virus crisis ravaged large portions of the country’s economy, China’s recovery was seen gaining tighter traction as upbeat demand, government support, and strong exports fuel its recuperation.