Retail sales rose 6.7% in the first two months of 2022 compared to a year ago, according to data released by the National Bureau of Statistics (NBS) on Tuesday. That was well above the estimated 3% increase in a Reuters poll of economists.
Industrial production jumped 7.5% during the same period, surpassing the forecast of 3.9%. And investment in fixed assets, such as infrastructure and machinery, jumped 12.2% from a year earlier.
“Under the combined effect of macro policies and the efforts of businesses, the momentum of China’s economic recovery has improved in January and February, laying a solid foundation for a good start in the first quarter of this year,” said Fu Linghui, a spokesperson for the NBS, at a press conference in Beijing on Tuesday.
On the policy front, China has significantly boosted its spending on infrastructure, with many local governments kicking off big projects…