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No wall of money but still plenty of upside for spending

Tuesday’s retail sales data are likely to show that spending plunged as COVID crashed through China last month. But December was an age ago. The focus for investors now is on the speed of the recovery. China’s pile of “excess” household savings is nothing like as big as some would have you believe. But you don’t have to believe, to think that the near-term outlook for consumer spending is bright.

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