MNI BRIEF: China Consumption Trend Remains Unchanged - NDRC

China’s overall trend of expanding consumption remains unchanged despite fluctuations in certain economic indicators in July, Li Chao, deputy director and spokesperson of the National Development and Reform Commission (NDRC), told reporters on Friday, noting that total retail sales of consumer goods increased by 3.7% year-on-year in July.

Li acknowledged that the economy continues to face multiple challenges, including an uncertain external environment. He noted that residents’ spending power and consumer confidence still require improvement.

To address these challenges, the NDRC will work with relevant departments to boost domestic demand and enhance the domestic economic cycle, Li added.

Chinese interbank traders see a lower chance of further monetary easing in the rest of 2025 than they did in July as economic growth continues to be solid, and expect more upwards pressure on bond yields as funds are lured into a rising stock market, MNI’s China Money Market Index for August indicated. (See MNI CHINA MONEY MARKET INDEX: PBOC Easing)