{"id":9335,"date":"2020-09-15T14:38:01","date_gmt":"2020-09-15T07:38:01","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=9335"},"modified":"2024-09-23T15:46:25","modified_gmt":"2024-09-23T08:46:25","slug":"retail-sales-in-china-thrive-for-first-time-in-2020-fortifying-the-countrys-continuous-economic-recovery","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/retail-sales-in-china-thrive-for-first-time-in-2020-fortifying-the-countrys-continuous-economic-recovery\/","title":{"rendered":"Retail sales in China thrive for first time in 2020, further boosting its already-growing economy"},"content":{"rendered":"

In August, industrial production rose by 5.6 percent compared to a year before, whereas retail sales grew by 0.5 percent<\/span><\/span><\/p>\n

\"\"
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<\/figcaption><\/figure>\n

Based on\u00a0<\/span>the\u00a0<\/span>report published<\/span>\u00a0by the National Bureau of Statistics<\/span>\u00a0on Tuesday<\/span>,<\/span>\u00a0the<\/span>\u00a0industrial and<\/span>\u00a0retail sectors\u00a0<\/span>in China displayed positive signs of improvements last August<\/span>,<\/span>\u00a0as the economy continues\u00a0<\/span>to broadly recover<\/span>\u00a0from<\/span>\u00a0<\/span>the pandemic,<\/span>\u00a0<\/span>reported the\u00a0<\/span>South China Morning Post<\/span><\/a>.<\/span>\u00a0<\/span><\/p>\n

Industrial production, which measures mining and manufacturing activity in the globe\u2019s 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\u2019s poll of economists wrong, who predicted a 5.1 percent growth.<\/span>\u00a0<\/span><\/p>\n

As for r<\/span>etail sales<\/span>, which\u00a0<\/span>is\u00a0<\/span>deemed as a crucial cadent for the globe\u2019s largest market<\/span>, consumer <\/span>activity\u00a0rose<\/span>\u00a0by 0.5 percent\u00a0<\/span>compared <\/span>to the same month a year before<\/span>. This meant a surge from negative <\/span>1.1 percent in July<\/span>,\u00a0<\/span>shooting down experts\u2019\u00a0<\/span>predictions\u00a0<\/span>of\u00a0<\/span>0.0 percent growth<\/span> and signifying the first growth<\/span>\u00a0<\/span>o<\/span>f<\/span>\u00a0<\/span>t<\/span>h<\/span>e<\/span>\u00a0<\/span>y<\/span>e<\/span>a<\/span>r<\/span>\u00a0<\/span>f<\/span>o<\/span>r<\/span>\u00a0the retail sector<\/span>.<\/span>\u00a0<\/span><\/p>\n

More: China\u2019s residential market once frozen due to COVID-19, shows signs of recovery<\/strong><\/a><\/p>\n

This\u00a0<\/span>growth\u00a0<\/span>came at a time when the Beijing government\u00a0<\/span>has strived to provide the domestic economy with a more renewed focus, as part of their dual circulation plan.<\/span>\u00a0<\/span><\/p>\n

\u201cWe think that China\u2019s 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,\u201d said the head of Asia at Oxford Economics\u00a0Louis\u00a0Kuijs.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

From a devastating start\u00a0<\/span>to\u00a0<\/span>the year for\u00a0<\/span>the<\/span>\u00a0industrial and retail sectors<\/span>\u00a0to a<\/span>\u00a0<\/span>slow<\/span>\u00a0but consistent recovery<\/span>\u00a0a few months later<\/span>,\u00a0<\/span>businesses in the industry including\u00a0our distinguished\u00a0winners<\/span>\u00a0<\/span>at\u00a0the 2019\u00a0<\/span>PropertyGuru<\/span>\u00a0Asia Property Awards (Mainland China), namely<\/span>\u00a0Huafa Industrial Share Co., Ltd.\u00a0<\/span>Zhuhai,\u00a0<\/span>Macalline & Xinhua,<\/span>\u00a0<\/span>Shanghai\u00a0<\/span>Qingpu<\/span>\u00a0Wanda Mall Investment Co., Ltd. and\u00a0Shenzhen Lingben Environmental Art Co., Ltd.\u00a0<\/span>h<\/span>ave started to regain its momentum an<\/span>d<\/span>\u00a0is on its way<\/span>\u00a0reclaim its glory days.<\/span>\u00a0<\/span><\/p>\n

Winners of the\u00a0<\/span><\/i>PropertyGuru Asia Property Awards (Mainland China)<\/span><\/i>\u00a0will be announced on\u00a0<\/span><\/i>4 December<\/span><\/i>\u00a02020<\/span><\/i>. To find out which developers or projects will receive prestigious distinctions, visit <\/span><\/i>asiapropertyawards.com\/en\/award\/asia-property-awards-mainland-china\/<\/span><\/i><\/a>.<\/span><\/i><\/a>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

In August, industrial production rose by 5.6 percent compared to a year before, whereas retail sales grew by 0.5 percent <\/p>\n","protected":false},"author":9,"featured_media":20731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[101,92],"tags":[137,309,528,248],"class_list":["post-9335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-property-awards","category-news","tag-china","tag-industrial","tag-market-update","tag-retail","news_country-china","news_author-gynen-kyra-toriano"],"acf":[],"yoast_head":"\nRetail sales in China thrive for first time in 2020, further boosting its already-growing economy | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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