Commentary
Michael Pettis
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Source: Getty
In The Media
Why China’s Recovery is Not What it Seems
The data also showed that industrial production was 5.6 per cent higher and the data left most analysts convinced that China’s recovery from the ravages of the Covid-19 pandemic was both solid and sustainable.
Published on Sep 18, 2020
Source: Financial Times
On Tuesday, China’s National Bureau of Statistics released August data on the Chinese economy. It showed that while retail sales -- a proxy for domestic consumption (although it includes other things) -- was down 8.6 per cent for the first eight months of 2020, it nonetheless posted its first monthly year-on-year increase in 2020, with retail sales 0.5 per cent higher than last year.
The data also showed that industrial production was 5.6 per cent higher. Add to that a 4.16 per cent rise in fixed asset investment and a 19.3 per cent increase in August’s trade surplus, and the data left most analysts convinced that China’s recovery from the ravages of the Covid-19 pandemic was both solid and sustainable.
This article was orignally published by the Financial Times.
About the Author
Michael Pettis
Nonresident Senior Fellow, Carnegie China
Michael Pettis is a nonresident senior fellow at the Carnegie Endowment for International Peace. An expert on China’s economy, Pettis is professor of finance at Peking University’s Guanghua School of Management, where he specializes in Chinese financial markets.
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Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
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