WRAPUP 1-China’s factory, consumer sectors stumble on COVID-19 disruptions

wrapup 1 chinas factory consumer sectors stumble on covid 19 disruptions

Sumary of WRAPUP 1-China’s factory, consumer sectors stumble on COVID-19 disruptions:

  • By Reuters Staff4 Min ReadBEIJING (Reuters) -China’s factory and retail sectors faltered in August with output and sales growth hitting one-year lows as fresh coronavirus outbreaks and supply disruptions threatened the country’s impressive economic recovery.
  • “Recent economic data reflected the overall demand is still weak in the economy, vulnerable to sporadic COVID-19 outbreaks, but some sectors have been overheated, judging from the persistently high commodity prices,” said Nie Wen, Shanghai-based economist at Hwabao Trust.
  • China’s vehicle sales slid in July for a third consecutive month, partly driven by the global auto chip shortages.
  • Some steel producers in China’s Jiangsu, Fujian and Yunnan provinces were told by the government to cut production as the country aims to curb industrial pollution.
  • China’s services activity slumped into contraction in August, a private-sector survey showed, as restrictions to curb COVID-19 once again closed shopping malls and many businesses in parts of the country.
  • KFC operator Yum China Holdings Inc said on Tuesday its adjusted operating profit would take a 50% to 60% hit in the third quarter as the spread of the Delta variant in China closed restaurant and “sharply reduced sales”.
  • “We had been expecting services activity to rebound strongly in September as the virus situation was back under control,” said Julian Evans-Pritchard, Senior China Economist at Capital Economics.
  • FOCUS SHIFTS TO PROPERTYChina’s property investment in August rose 0.3% from a year ago, the slowest pace in 18 months, while growth in new home prices eased an eight-month low, as an official crackdown on speculative purchases hit demand.

Want to know more click here go to source.

From -

Generic selectors
Exact matches only
Search in title
Search in content

Site Language

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.