In places like Shanghai and Beijing, people still face mandatory covid testing and “mini-lockdowns” in neighbourhoods where cases appear. That makes mingling in markets and malls a risky endeavour
Save time by listening to our audio articles as you multitaskChina’s retailers will hope this year’s 618 marks a similar victory. After months of lockdowns and restrictions to contain another coronavirus outbreak, China’s shoppers now have a bit more freedom to move about and an occasion to splash out.
In Shanghai and the nearby provinces of Jiangsu and Zhejiang, power plants are now consuming about as much coal as last year, points out, a sign that their local economies are plugging themselves back in. Indeed, despite all the logistical impediments they faced, China’s manufacturers, miners and utilities were able to churn out more stuff last month than they did in 2021, according to figures released on June 15th. Industrial production rose by 0.
The constraints on China’s ability to make things and distribute them are, then, lifting. But what remains fettered and caged is the consumer’s willingness to buy them. Consumer confidence is at a record low. Retail sales fell by almost 10% in real terms in May, compared with a year earlier, having declined by 14% the month before . Catering shrank by more than a fifth. .
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