Nov-26 10:41 LIFESTYLE
China set for consumption rebound, broader recovery as coron
As coronavirus restrictions eased, China is expected to see further rebound of consumption and broader economic recovery, British media reported Monday.
As consumers return to fashion week, cinemas, live performances and restaurants, Chinese household spending is broadening and propelling the next stage of the economic recovery, Reuters said in a report on Monday.
"Sales of consumer goods, a proxy for consumption in China, rose across the board at the end of the third quarter (Q3), led by auto purchases, as household incomes returned to positive growth and employment conditions improved after being slammed by the COVID-19 pandemic," said the report.
The economic recovery of China made the Asian country "a lone bright spot in the retail world" and "a major source of earnings for global consumer brands", the news agency said in a report from Beijing.
With the easing of restrictions gathering pace in the third quarter, the hospitality sector is set to accelerate its recovery, said the report.
"The services industry had been the most affected by COVID. Now, with restrictions being lifted, the industry is gradually emerging from its downturn, which would provide a strong boost to the broad recovery in the consumer market," Ernan Cui, a consumer analyst at research firm Gavekal Dragonomic, was quoted as saying.
Meanwhile, economists expect the overall consumer market would stage a sharp rebound in coming months, after entertainment venues from cinemas to KTVs reopened in August, said the report.
The report also noted the booming online consumption in China which is helped by an improving job market.
China's economic recovery picked up steam in the third quarter as activities normalized amid effective control of the COVID-19 pandemic and the Chinese government's sweeping efforts to stimulate demand and consumption, according to official data.
China's gross domestic product (GDP) expanded 4.9 percent year on year in Q3, faster than the 3.2-percent growth seen in Q2, data from China's National Bureau of Statistics showed last week.
In its latest World Economic Outlook report, the International Monetary Fund (IMF) projected China's economy to grow by 1.9 percent this year, 0.9 percentage point above its June forecast.
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