China's Retail Sales Rise for First Time in 2020
China reported that retail sales rose for the first time this year in August, according to MarketsInsider.
Industrial production increased for the fifth straight month. This data shows that the second-largest economy is recovering from the pandemic. On Tuesday, China's National Bureau of Statistics reported total retail sales of consumer goods $495 billion in August, 0.5 percent higher compared to the same period last year, and 1.25 percent higher than the previous month.
The first eight months of 2020 saw retail sales down 8.6 percent. Marc Ostwald, chief economist at ADM Investor Service, said: "It remains the case that China's activity data are better than in other major economies, in part due to 'first in, first out', though the initial recovery momentum has also been palpably, though uneven."
"In the first eight months, the total value added of the industrial enterprises above the designated size went up by 0.4 percent year on year, shifting from negative to positive," the Bureau said.
China seems to be the first economy recovering from the pandemic, which makes sense since they were the first one to experience it.