Reported about 18 hours ago
Despite experiencing its longest stock rally in years, China's consumer spending during the major Golden Week holiday shows disappointing growth. Retail sales increased by only 3.3% compared to prior years, raising concerns about the economy's slowing momentum. Even as household wealth from equities has grown, it has not translated into stronger consumer demand. Analysts suggest that the anticipated 'wealth effect' from the stock market has been minimal, reflecting a continuing reluctance among consumers to spend more during one of the country's biggest holidays.
Source: YAHOO