Retail sales in China thrive for first time in 2020, further boosting its already-growing economy

In August, industrial production rose by 5.6 percent compared to a year before, whereas retail sales grew by 0.5 percent

People walking on Nanjiing road in Shanghai, China, the main shopping district of the city and one of the world’s busiest shopping streets. joyfull/Shutterstock

Based on the report published by the National Bureau of Statistics on Tuesday, the industrial and retail sectors in China displayed positive signs of improvements last August, as the economy continues to broadly recover from the pandemic, reported the South China Morning Post. 

Industrial production, which measures mining and manufacturing activity in the globe’s second-biggest economy, accelerated by 5.6 percent year on year in August, rising from 4.8 percent in July. This is said to be the best industrial growth since December 2019. This outcome also proved Bloomberg’s poll of economists wrong, who predicted a 5.1 percent growth. 

As for retail sales, which is deemed as a crucial cadent for the globe’s largest market, consumer activity rose by 0.5 percent compared to the same month a year before. This meant a surge from negative 1.1 percent in Julyshooting down experts’ predictions of 0.0 percent growth and signifying the first growth of the year for the retail sector. 

More: China’s residential market once frozen due to COVID-19, shows signs of recovery

This growth came at a time when the Beijing government has strived to provide the domestic economy with a more renewed focus, as part of their dual circulation plan. 

“We think that China’s economic recovery is on a reasonably firm footing now and should continue through the fourth quarter and into 2021, with solid investment growth, gradually recovering consumption momentum and resilient exports,” said the head of Asia at Oxford Economics Louis Kuijs.  

From a devastating start to the year for the industrial and retail sectors to a slow but consistent recovery a few months laterbusinesses in the industry including our distinguished winners at the 2019 PropertyGuru Asia Property Awards (Mainland China), namely Huafa Industrial Share Co., Ltd. Zhuhai, Macalline & Xinhua, Shanghai Qingpu Wanda Mall Investment Co., Ltd. and Shenzhen Lingben Environmental Art Co., Ltd. have started to regain its momentum and is on its way reclaim its glory days. 

Winners of the PropertyGuru Asia Property Awards (Mainland China) will be announced on 4 December 2020. To find out which developers or projects will receive prestigious distinctions, visit asiapropertyawards.com/en/award/asia-property-awards-mainland-china/. 

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