When officials launched the “Invest in China” campaign in March, they had hoped 2023 would be the year in which foreign investment came roaring back, supported by the removal of COVID restrictions. But the opposite has happened, with growth fears and geopolitical tensions keeping foreigners away.
Meanwhile, a closer look at the surprise jump in retail sales last month suggests that it was mostly due to price effects and a policy-driven uptick in car sales. But there are some signs that wider spending could pick up soon.
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