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China's industrial production and retail sales rebounded
RTTNews reports that according to the report from the National Bureau of Statistics, China's industrial production and retail sales rebounded in January to February, reflecting a strong recovery from the pandemic driven downturn.
Industrial production climbed 35.1 percent year-on-year in January to February period, faster than the 7.3 percent growth seen in December. This was also bigger than the expected rate of 30 percent.
Likewise, retail sales growth accelerated to 33.8 percent from 4.6 percent in December. Sales were forecast to gain 32 percent.
In January to February, fixed asset investment grew 35 percent from the same period last year. Economists had forecast a faster expansion of 40 percent.
This set of data shows the Chinese economy is recovering from Covid, especially in terms of consumption, Iris Pang, an economist at ING said.
But the very low base also masked the degree to which these strong figures are driven by underlying growth, the economist added. These low base-effects could last until April as economic activity started to pick up in May last year.
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