China’s economic data for the first two months of the year rebounded on the back of the Lunar New Year holiday, although there were little signs that the property market downturn was coming to an end.
Retail sales rose by 5.5 per cent year on year, according to National Bureau of Statistics on Monday, compared to a prediction by Chinese data provider Wind for an increase of 5.4 per cent. Retail sales growth had stood at 7.4 per cent in December.
Industrial output continued to improve in the first two months of the year, rising by 7 per cent from a year earlier, compared to a rise of 6.8 per cent in December.
But despite an acceleration in property policy easing, property investment continued to struggle and fell by 9 per cent in January and February. Property investment had dropped 9.6 per cent year on year in 2023.
