**China’s consumer sentiment is beginning to improve, according to several surveys.**.
A survey by the China Consumer Association found that consumer confidence rose to 113.5 in the second quarter of 2023, up from 112.1 in the first quarter. This is the highest level of consumer confidence since the third quarter of 2022..
Another survey by the National Bureau of Statistics found that consumer confidence rose to 103.8 in June, up from 102.2 in May. This is the highest level of consumer confidence since February 2022..
The improvement in consumer sentiment is likely due to a number of factors, including the easing of COVID-19 restrictions, the government’s stimulus measures, and the improving economic outlook..
**The easing of COVID-19 restrictions has allowed businesses to reopen and consumers to spend more money.** The government’s stimulus measures have also put more money in the pockets of consumers. And the improving economic outlook has given consumers more confidence about the future..
All of these factors are contributing to a gradual recovery in consumer spending. In the second quarter of 2023, retail sales grew by 4.6% year-over-year, the fastest pace of growth since the fourth quarter of 2021..
The recovery in consumer spending is good news for China’s economy. Consumer spending accounts for about 60% of China’s GDP. So, a sustained recovery in consumer spending will help to boost economic growth..
However, there are still some challenges facing the Chinese economy. The global economy is slowing down, and China’s exports are likely to be affected. The Chinese government is also facing pressure to reduce its debt levels..
Despite these challenges, the outlook for China’s economy is positive. The government is taking steps to address the challenges, and the economy is still growing..
**Here are some of the key findings from the surveys:**.
* Consumer confidence rose to 113.5 in the second quarter of 2023, up from 112.1 in the first quarter. This is the highest level of consumer confidence since the third quarter of 2022..
* Consumer confidence rose to 103.8 in June, up from 102.2 in May. This is the highest level of consumer confidence since February 2022..
* Retail sales grew by 4.6% year-over-year in the second quarter of 2023, the fastest pace of growth since the fourth quarter of 2021..
**The improvement in consumer sentiment is good news for China’s economy. Consumer spending accounts for about 60% of China’s GDP. So, a sustained recovery in consumer spending will help to boost economic growth.**.
