China's retail sales in the first two months of 2023 swung back to growth, but factory activity expanded slightly slower than expected, suggesting the bruised economy still needed time to fully emerge from pandemic damage.
It pointed to "a steady rather than accelerating momentum", said Zhou Hao, chief economist at Guotai Junan International. It indicated that strong policy support was needed to unleash the growth potential, he said.
However, property investment in the two months was still down 5.7% on the same period of 2022, after showing an annual fall of 12.2% in December.The NBS publishes combined January and February data to smooth out distortions caused by the Lunar New Year holiday, which fell in January this year but was in February in 2022.
China has set a modest annual growth target of around 5% this year after significantly missing its target for 2022 and recording one of its worst showings in nearly half a century.new Premier Li QiangThe government prioritised economic growth and employment in a work report delivered to the annual meeting of parliament, which wrapped up on Monday.
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