English Summary posted here: www.theepochtimes.com Retail sales in two of China's wealthiest cities"Beijing and Shanghai"fell sharply in March, casting fresh doubt on the strength of China's domestic consumer demand. The weak performance stands in contrast to the narrative in China's state media, which has emphasized that strong consumer demand will enable China to withstand the increase in U.S. tariffs.
Beijing's retail sales in March dropped 9.9 percent from the same period last year, while Shanghai experienced an even steeper decline of 14.1 percent, according to local government data released on April 18 and April 25, respectively.
Despite these efforts, Beijing saw a 38.2 percent year-over-year decline in telecommunications equipment sales and a 20.2 percent drop in auto sales during the month.
Despite the poor performance in Beijing and Shanghai, the National Bureau of Statistics reported a 5.9 percent year-over-year growth in official nationwide retail sales for March. Many Chinese netizens questioned the accuracy of this figure, given the contraction in two of China's most developed cities. Some commenters mocked the official data, blaming the bureau for habitually inflating data to paint a falsely optimistic picture of the economy.
Drudge Retort Headlines
US Bond Sell-off Is Creating a Debt Spiral (40 comments)
GOP Won't Install Jan. 6 Plaque Honoring Law Enforcement (35 comments)
House Passes Trump's Sweeping Tax-Cut Bill and Sends it to Senate (30 comments)
Trump's 'Golden Dome' Defense Plan Faces Major Challenges (17 comments)
Judge Blocks Trump Administration Mass Layoffs at U.S. Agencies (17 comments)
Trump's Rambling Speech at West Point Speech (16 comments)
US Treasury Confirms the End of the Penny (16 comments)
France, Saudi Arabia Push for Gaza Peace by Disarming Hamas (14 comments)
Nazis Allegedly Paid $200M in Bribes to Argentina's Peron Govt After WW2 (11 comments)
US Starup Unveils World's First Supersonic Artillery Shell (11 comments)