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China’s economic recovery promises to be darker

BEIJING – Growth in a series of Chinese economic indicators slowed sharply in August, as a new outbreak of the Covid-19 Delta variant and stricter government regulations in the real estate market affected consumer spending and the housing sector.

Retail sales, a key indicator of Chinese consumption, grew only 2.5% in August from a year earlier, down sharply from 8.5% year-on-year growth in July , according to data released Wednesday by the National Bureau of Statistics of China. The result marked the lowest growth rate in a year and far missed the 6.3% increase expected by economists polled by The Wall Street Journal.