China's consumption trend indicator for last month fell 6.7% compared to the same month last year, marking the third straight month of negative growth.
Strict measures against the new coronavirus, such as restrictions on going out and restrictions on restaurant operations, were taken in various places, and the impact on the economy was once again highlighted.
China's National Bureau of Statistics released key economic statistics last month on the 15th.
Of these, “retail sales,” which show consumption trends, decreased by 6.7% compared to the same month last year.
Although the rate of decrease was smaller than in the previous month, it was negative for the third consecutive month.
Last month, strict infection control measures were taken in various places, such as the continued restrictions on going out in Shanghai, the largest economic city, and the ban on in-store meals at restaurants in the capital Beijing, leading to a decline in consumption.
Industrial production was also up 0.7% from the same month last year.
Although it turned positive for the first time in two months, the growth rate was only slight due to the supply shortage of parts and the decrease in production due to the disruption of logistics.
In addition, real estate development investment also fell by 4% from January to last month, and real estate, which is a major industry, continued to decline.
This month, the restrictions on going out for more than two months have been lifted in Shanghai, and the Chinese government is strengthening its stance to leverage the economy, but in Beijing, the infection has spread again and a blockade measure has been taken in the area where infected people came out. It remains unclear whether the Chinese economy will recover steadily as the response to the new corona continues.