MNI BRIEF: China Consumption Confidence Needs Improvement

China’s domestic consumption confidence needs to be improved and enhanced, after July’s economic data showed total retail sales increased 3.7% year-on-year, lower than the 5.0% rise during H1, Fu Linghui, spokesperson for the National Bureau of Statistics, told reporters on Friday.

Looking ahead, authorities would continue to implement special actions to boost consumption and improve the environment, Fu added.

China’s retail sales are likely to decelerate from the 5.0% year-on-year growth recorded in the first half, despite increased efforts to boost social welfare spending, local chief economists told MNI. (See MNI: China Retail Sales Growth Likely To Slow In H2)