Consumer sector metrics in China

CHINA ADVISORY - Report 27 Jan 2021 by Andrew Collier

As China moves into 2021, two key questions for the economy are: 1) Will consumer spending increase to match the gains in other sectors? 2) Will China be able to reduce the stimulus through state spending on fixed asset investment?

The official data on retail sales for December 2020 and FY2020 shows:
1) Online sales reached 24.9 percent of the total. Online delivery is one reason behind China’s success in avoiding a sharp downturn in Covid-period growth.
2) Services, as marked by catering, recovered in December, growing 0.4 percent YoY.
3) Staples remained strong throughout the year.
4) Construction materials rose 12.9 percent in December as the property market returned to its pillar economic status.

In this report, we also analyze sectoral differences in operating metrics and debt over several periods and make conclusions about the consumption story in 2021.

Now read on...

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