Retail sales growth is the weakest since the country emerged from Covid-19 lockdowns
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Pressure on Beijing to take steps to improve Chinese consumer confidence has intensified after news that weak retail spending dragged down the growth rate of the world’s second biggest economy.
With falling house prices still acting as a drag on activity, official figures showed the Chinese economy expanding at an annual rate of 4.7% in the second quarter – much weaker than the 5.1% expected by the financial markets.
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