Consumer spending in China has picked up rapidly in recent weeks, especially on eating out and travel, giving a boost to an economic recovery that’s become increasingly reliant on local demand.
High-frequency indicators of spending in some sectors have shown double-digit growth from a year ago, while leading travel companies and retailers have reported a strong increase in sales so far this year.large stimulus
A consumer rebound will also help offset the slump in exports as economic growth in some of China’s key markets, like the US and Europe, weakens. After three years of on-off Covid restrictions, economists are betting consumers will help drive China’s growth to above 5 percent this year. Investors remain cautious about the outlook, though, concerned by the lack of economic stimulus from officials at the National People’s Congress, the annual parliamentary gathering this week. The MSCI China IndexBeijing has refrained from the direct cash handouts to consumers seen in other countries, betting that a recovery in hiring will lead households to spend more. Thursday because of weak revenue last quarter, warned of a gradual rebound in sentiment.
A measure of Chinese consumer confidence by Morning Consult, a US consultancy, rose to the highest level in nine months in February.
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