A survey conducted by China’s Southwestern University of Finance and Economics last month found that 60.9 per cent of 3,143 households said their income in 2020 would shrink this year compared with last year. Photo: Bloomberg A survey conducted by China’s Southwestern University of Finance and Economics last month found that 60.9 per cent of 3,143 households said their income in 2020 would shrink this year compared with last year. Photo: Bloomberg
A survey conducted by China’s Southwestern University of Finance and Economics last month found that 60.9 per cent of 3,143 households said their income in 2020 would shrink this year compared with last year. Photo: Bloomberg

Coronavirus: China’s economy unlikely to be saved by ‘revenge spending’ as worried consumers emerge from lockdowns

  • Chinese social media users have coined the phrase as China emerges from almost two months of lockdowns aimed at halting the spread of the virus
  • Consumption contributed around 60 per cent of growth last year, but worries over an economic downturn, job prospects and high debt levels are set to limit spending

Topic |   Coronavirus pandemic
A survey conducted by China’s Southwestern University of Finance and Economics last month found that 60.9 per cent of 3,143 households said their income in 2020 would shrink this year compared with last year. Photo: Bloomberg A survey conducted by China’s Southwestern University of Finance and Economics last month found that 60.9 per cent of 3,143 households said their income in 2020 would shrink this year compared with last year. Photo: Bloomberg
A survey conducted by China’s Southwestern University of Finance and Economics last month found that 60.9 per cent of 3,143 households said their income in 2020 would shrink this year compared with last year. Photo: Bloomberg
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