by Fons1 via FlickrRetail sales in China have gone up 22 percent in October, the highest pace in nine years, writes Bloomberg, a second figure suggesting the country's economy might be avoiding a hard landing for now. Yesterday also export showed only a small dent in its growth, while the growth of the trade deficit was again at record height.
Sales climbed to 1.008 trillion yuan ($148 billion) in October, the statistics bureau said today, after gaining 23.2 percent in September from a year earlier. The increase matched the median estimate of 16 economists surveyed by Bloomberg News.Bloomberg - for unknown reasons - connect the spike in domestic consumption with the stimulus package of four trillion Renminbi (450 billion euro), although that package was only announced last week, when we were in November. Also, the true value of that package has come under scrutiny since then.
But the rise in sales, even for car it noted almost 20 percent, is a remarkable sign.
What direction is China's economy taking? Will it suffer from the global downturn, will it be the locomotive that pulls the world economy. Or will it dAmy Sommers
by Fons1 via Flickro its own thing? At the China Speakers Bureau we have leading speakers who can help you to make sense out of the country. Do get in touch when you need one of them.