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Retail sales in China increase for the first time in 2020

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People shop at a shopping mall in Beijing on August 14, 2020.

Nicolas Asfouri | AFP | Getty Images

Chinese consumers in BEIJING increased their spending in August, a sign of further economic recovery from the shock of the coronavirus pandemic.

Retail sales rose 0.5% in August from a year ago, the first positive report of the year so far, China’s National Bureau of Statistics said on Tuesday. Notably, sales of communications equipment increased 25.1% from a year ago and sales of automobiles increased 11.8%.

Retail sales for the first eight months of the year fell 8.6% from a year ago, the office said. Online retail sales of physical goods grew 15.8% during this period, according to the data.

The unemployment rate measured by the official cities survey was 5.6%, 0.1 percentage point lower than in July, the office said.

Industrial production rose 5.6% in August compared to a year ago.

Investments in fixed assets fell 0.3% for the first eight months of the year. August’s annual figure was not immediately clear.

This is the latest news. Please come back for updates.

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