Retail sales in January-February were up 3.5% on a year earlier, reversing December's 1.8% annual fall. Analysts had forecast retail sales to grow by 3.5% in the first two months. Fixed asset investment in the first two months was 5.5% higher than in the same period of 2022 versus expectations for a 4.4% rise. For all of 2022, fixed asset investment was up 5.1% on the previous year.
Late in 2022 the government abandoned strict curbs on
mobility that had been an increasingly severe restraint on
factory activity and consumption. But China's economic recovery
faces challenges including sluggish demand for exports and
geopolitical uncertainties.
(Reporting by Kevin Yao, Qiaoyi Li and Ellen Zhang; Editing by
Bradley Perrett and Tom Hogue)
