China reported a rebound in consumer spending, industrial output and investment this year after coronavirus restrictions were dropped, while warning of risks to the economy's recovery as unemployment rose and real estate investment continued to slump.
Retail sales rose 3.5% in January and February compared to the same period last year, the National Bureau of Statistics said Wednesday. Industrial output rose 2.4% and fixed-asset investment grew strongly, as local governments increased infrastructure spending to spur the recovery. However, the unemployment rate increased, pointing to weakness in domestic demand.
The numbers were broadly in line with economists estimates and came after Beijing signaled that it would provide a similar fiscal stimulus to the economy as last year, betting on consumers to drive the recovery. Economists said the data was consistent with China meeting it's target of around 5% GDP growth this year, a significant boost to global demand as the US and European economies face recession fears.
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