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China’s Aug industrial output accelerates, retail sales turn up in boost to recovery,,on September 15, 2020 at 2:51 am
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China’s Aug industrial output accelerates, retail sales turn up in boost to recovery,,on September 15, 2020 at 2:51 am

Consumer confidence has been picking up lately, from spending on automobiles and duty-free shopping.

Auto sales rose 11.8% in August from a year earlier while sales of telecoms products jumped 25.1% y/y, the data showed.

Fixed-asset investment fell 0.3% in January-August from the same period last year, compared with a forecast 0.4% slide and a 1.6% decline in the first seven months of the year.

Private sector fixed-asset investment, which accounts for 60% of total investment, fell 2.8% in January-August, compared with a 5.7% decline in the first seven months of the year.

Recent economic indicators ranging from trade to producer prices and factory activity all suggested a further pick up in the industrial sector, and the broader economy.

Government stimulus has been a powerful domestic driver, while momentum has also been supported by Beijing’s largely successful efforts to get the virus under control.

“Fiscal and monetary policy stimulus should continue to support the recovery. But we expect the impact of policy stimulus to lose some punch with credit growth easing in Q4,” Oxford Economics’ Kuijs said.

Data last week showed China’s August exports marking the strongest annual gain since March 2019, as more of its trading partners eased coronavirus lockdowns. Factory gate prices also fell at their slowest annual pace in five months last month.

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Some analysts fear that the recovery could stall, hurt by rising tensions between Washington and Beijing, which many expect could escalate ahead of the U.S. presidential election in November.

China also is looking to reduce its reliance on overseas markets for its development as U.S. hostility and the pandemic increase external risks that could hamper longer-term progress.

Moreover, the possibility of another wave of local infections in the winter, and the continued rise in the number of COVID-19 cases across a number of countries, led by India and the United States, have many investors nervous about the outlook. (Reporting by Reporting by Gabriel Crossley, Colin Qian and Kevin Yao; Editing by Shri Navaratnam)

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