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China’s consumption expected to expand in July- Analysts

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Naija247news, Nigeriahttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Beijing Aug. 5, 2020 (Xinhua/Naija247news) China’s consumption was forecast to enter positive territory for the first time this year in July, Shanghai Securities News reported Wednesday.
Tang Jianwei, Chief Researcher of the Bank of Communications, told the paper that “Consumption is expected to rise around two per cent year on year in July as China’s consumption market will further warm up in the second half.”
Official statistics show that China’s retail sales of consumer goods, a major indicator of consumption growth, declined 1.8 per cent year on year to 3.35 trillion yuan (480.27 billion dollars) in June, narrowing by one percentage point from May.
Factors including the reopening of cinemas in low-risk areas and work resumption of tourism enterprises have supported the recovery of the consumption market, according to the paper.
China allowed cinemas in low-risk areas to reopen starting on July 20, box office takings on the day stood at a paltry 3.5 million yuan amid stringent anti-virus measures.
Zhu Jianfang, Chief Economist of CITIC Securities, said that notable growth of vehicle sales and recovery of catering business would help consumption return to positive territory in July.
Figures from the China Passenger Car Association showed retail sales of passenger vehicles rose 2.9 per cent month on month to exceed 1.65 million in June, the fourth consecutive month that the market saw month-on-month growth.

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