China spending data adds to worries over economic rebound

Chinese consumer spending grew at a slower-than-expected pace in November, data released on Wednesday showed, with analysts warning that an uptick in coronavirus cases was dampening sentiment and adding to questions over a rebound in the world’s second-largest economy. China’s economy bounced back quickly from the pandemic after authorities contained COVID-19 with strict border controls and targeted lockdowns, but the recovery has been losing steam this year. Economists said a current nationwide increase in Chinese coronavirus cases, and resulting containment measures, appear to have led to cautious consumer behaviour just as a property market slump worsens. Retail sales rose 3.9 per cent on-year, according to the National Bureau of Statistics (NBS), coming in below expectations and markedly slower than October’s 4.9 per cent. “The international environment has become more complex and severe, and there are still many constraints on domestic economic recovery,” NBS spokesman Fu Linghui told reporters. Fu added that China’s economy faced the “triple pressures” of shrinking demand, supply shocks and weakening expectations, but that it was still expected to steadily...