With a new surge of COVID-19, China has seen its economy slowing, CNBC reported.
Individual consumer buying has seen a particularly sharp downturn, with the authorities’ efforts to build up consumption to drive economic growth not working, according to the report. Consumers have been cutting back on spending on everything from cars to cosmetics.
Online sales of physical consumer goods increased by 4.4 percent in July, which was below an average of about 21 percent for the past five years, the report stated.