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China's retail spending will continue to recover on higher incomes and stable employment, though it was temporarily interrupted by recent sporadic outbreaks of localised Covid-19 cases and floods, said Fu Linghui, spokesman of the National Bureau of Statistics on Wednesday.
Retail sales growth sharply slowed down by six percentage points from July to 2.5% y/y in August, as summer holiday spending was affected by the reduction in traveling and catering, said Fu. Catering revenue fell 4.5% in August, reversing the 14.3% growth in the previous month.
In the next step, China should increase effective supply especially the production of smart home appliances and low-carbon products, said Fu, noting that there is still great potential in the spending of green and intelligent products.
The growth rate of retail sales was the lowest since August 2020. Fu also attributed the deceleration to the higher comparison base same period last year when retail sales had turned positive for the first time since the initial outbreak of the Covid-19 epidemic.