Sluggish household income growth is ‘holding back’ Chinese consumer spending, says Barclays

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admin Consumer spending in China has largely lagged the country’s overall economic recovery from the pandemic and that sluggishness stems from slower household income growth, according to Jian Chang, chief China economist at Barclays Asia Pacific. Data released Wednesday showed China’s retail sales once again missed analyst expectations . Official data reported retail sales rose 12.4% in May from a year ago, less than the 13.6% increase forecast by analysts. Barclays economists said in a Wednesday note they do not see growth in China’s consumption and services returning to pre-Covid levels this year. “A fundamental issue, I think, that has...