mardi 15 décembre 2020

Chinese Economy is booming inQ4 2020 according to IMF

Retail sales and industrial production recorded their biggest gains of the year in China in November, the National Bureau of Statistics said on Tuesday.

Retail sales, the main indicator of consumption, rose 5% year-on-year, compared to 4.3% in October. Industrial production for its part rose 7% in November against 6.9% the previous month.

These figures are in line with analysts' predictions.

After the paralysis imposed at the beginning of the year on the economy of China, where the new coronavirus appeared a year ago, activity recovered in the spring and the Asian giant should be the only major market this year. of the world to show an increase in its GDP, according to the IMF.

China is enjoying a "steady recovery," Statistics Bureau spokesman Fu Linghui told reporters.

While warning: "given the resurgence of the epidemic, the world economy is facing headwinds which generate instability and uncertainty" among Beijing's main trading partners.

Retail sales still down over the first 11 months of the year

A sign of the fragility of the recovery, over the first 11 months of the year, retail sales remained down 4.8% compared to the same period last year.

Certain sectors remain more affected than others by the lasting effect of the pandemic on consumers: the turnover of the hotel and catering industry thus fell by 0.6% in November over one year.

In contrast, sales of communications equipment soared 43.6% last month, a possible effect of working from home.

The cosmetics sector was also celebrating, with an increase of 32.3% over the first 11 months of the year, as was jewelry (+ 24.8%).

"We think that activity will remain firm in the short term, as households spend the savings they have accumulated this year" in a period of containment, observe analysts from the Capital Economics firm.

Online sales of goods increased 11.5% in the first 11 months of the year.

A sign of confidence in the economy, investment increased by 2.6% from January to November, a little more than in the first 10 months of the year (+ 1.8%).


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