Consumption in China remains relatively robust even though June retail sales data showed they missed expectations, says Tai Hui, Asia chief market strategist at JPMorgan Asset Management.
The purchasing power of the Chinese consumer remains relatively robust but uncertainty from the coronavirus pandemic still lingers, according to Tai Hui, Asia chief market strategist at JPMorgan Asset Management.
"We're gonna see a little bit more signs of recovery in the consumer sector in the third quarter," particularly when some of the worst hit sectors and services "come back online," Hui said. The country's GDP growth for that period exceeded expectations, expanding 3.2% in the April to June this year compared to a year agoThe second quarter GDP numbers also represented a bounce back from the first quarter's 6.8% contraction on-year — the country's first GDP decline since at least 1992, when official quarterly records started.
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