China’s consumption growth surprises analysts, and outlook for exports and property market remains uncertain
- China’s economy had staged an impressive recovery from the impact of the coronavirus until numerous headwinds began taking their toll on economic growth
- NBS official tells the Post that official database was recently updated with more historical data ‘to promote openness and transparency of statistics’
China’s economy showed signs of stabilising in October as retail sales and industrial production bounced back from the previous month and beat expectations, but officials and experts are warning of a bleak outlook in the recovery due to pandemic uncertainties and global supply-chain issues.
Sporadic outbreaks of Covid-19 have dampened economic momentum, said Sheana Yue, an assistant economist with Capital Economics. As the outbreaks continue, movements will continue to be limited, and consumption growth will remain slow. However, “any near-term virus-linked disruptions should prove temporary”, Yue added.
“However, it should also be noted that there are still many factors of international instability and uncertainty,” NBS spokesman Fu Linghui said. “There are still constraints on the recovery of the domestic economy, and the upwards cost pressure on enterprises is increasing.”