China’s economic recovery accelerated in August, with retail sales,
the last holdout among the economy’s major components, returning to
pre-coronavirus levels by showing their first month of growth this
year.To get more Shanghai economy news, you can visit shine news official website.
Other major indicators, including factory production, investment and
property activity, all gathered pace, China’s state-run statistics
bureau said Tuesday, signaling a robust rebound for the world’s
second-largest economy. The main official measure of joblessness, the
urban surveyed unemployment rate, edged down to 5.6%, the lowest since
it stood at 5.3% in January, when the coronavirus began to affect
hiring. That is comfortably below the government’s targeted ceiling of
around 6% for the year and down from the record high of 6.2% in
The economic rebound has been supported by recovering global demand
for Chinese-made goods and Beijing’s measures to boost growth. Gross
domestic product in the second quarter was up 3.2% from a year earlier,
following a historic 6.8% decline the quarter before.
But consumption was conspicuously not among the robust
measures—notably, industrial production and government-led
infrastructure investment—in part because Beijing focused on restarting
factories and businesses. In the U.S., where the federal government
delivered stimulus checks and supplemental unemployment benefits, retail
sales returned to year-over-year growth in June, and added to their
gains in July.