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The econ numbers for the start of 2023 have challenged the assumption that the end of zero-COVID would unleash a wave of revenge spending powered by the excess savings that households have accumulated. In reality, retail sales growth in January-February was barely above that of the pandemic period as a whole.
Previous report: The consumption resumption: Beijing’s three-prong strategy for putting consumption at the center of growth
Gauging China’s banking sector risk: a new approach »