China’s consumer spending returned to growth in the first two months of 2023, in an early sign of an economic recovery that the government warned remains fragile after years of pandemic restrictions.Retail sales grew 3.5 per cent year on year in the first two months of 2023, compared with declines in each of the previous three months.
The data, part of the first comprehensive overview of activity since Beijing ended its sweeping pandemic restrictions, pointed to a mixed economic picture, with the recovery momentum threatened by falling global demand for Chinese exports and a lingering property sector slowdown.
China’s National Bureau of Statistics warned in a statement that the economic recovery’s foundation was “not yet solid” and said the government would take measures to boost domestic consumption.