Consumer spending bounced back in August after a tepid July, according to the China Beige Book’s survey of Chinese businesses released Thursday.
Domestic travel has seen a surge of activity this summer. In a report Monday, Nomura analysts found the seven-day moving average of domestic flights remained more than two times greater than what it was in August 2019.That contrasts with July credit data that showed aOther data for July have depicted a dismal picture. In a report distributed on Aug. 15, JL Warren Capital estimatedsales in mainland China fell by 5% to 10% in July — the first year-on-year decline so far his year.
The Chinese version of Valentine's Day, called the"Qixi Festival," is typically celebrated by giving gifts and going out for dinner. Another business survey released in mid-August, the CKGSB Business Conditions Index, reported a 50.9 print for July, a touch above the 50.02 figure recorded for June.
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