Economic momentum in China remained high despite widespread travel restrictions during the New Year holiday. This was reported by Deutsche Bank in a recent newsletter.
Sales in China increase by almost 30 %
Activity data from the so-called Golden Week showed that restaurant and store sales were nearly 30 percent higher than the previous year. Even compared to 2019, which has not yet been affected by the Coronavirus pandemic, sales increased by about five percent.
Online sales boom in China
Since many commuters with a job further away were not allowed to drive home as usual, online sales also boomed; this is indicated by the 84 percent increase in corresponding payment transactions. At the same time, freight traffic was up 71 percent on the previous year, indicating continued high production.
Will the main growth engine in Asia remain intact?
The recently growing concerns about a slowdown in economic momentum in China could therefore prove to be unfounded. If Asia’s most important growth engine remains intact, I believe that not only the stock markets in the region should benefit from this.
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