中国 小売売上高 年率上昇 2020年8月
Compared to the supply side, the demand side recovery in China has been slow
Retail sales of consumer goods in China reached RMB 3.36tn in August, growing by 0.5% y/y, the first increase in 2020 after the COVID-19 pandemic hit the economy. This comes after a 1.1% y/y decrease in July. During the first eight months of 2020, retail sales of consumer goods declined significantly by 8.6% y/y.
Compared to the supply side, the demand side recovery in China has been slow. Despite the first rise this year, data released by the National Bureau of Statistics shows that retail sales excluding automobiles was actually down by 0.6% y/y in August, suggesting continued pressure on the recovery.
Further data and analysis on China’s economy is available on the CEIC China Economy in a Snapshot – Q3 2020 report.