Last year, retail sales fell in China in parallel with a sharp slowdown in G.D.P. This is reflected in the Q4 results of H&M, LVMH and Estée Lauder, despite the lifting of Covid-19 restrictions at the end of the year.
In China, G.D.P. grew only by 3% in 2022, below a target of 5.5% set by Beijing, recording a very weak growth compared to 2021 (up by 8.1%). Apart from 2020, when G.D.P. increased by 2.3%, this was the worst performance since 1976. The lifting of restrictions at the beginning of December was not enough to revive the economic machine. In Q4, G.D.P. stood at 2.9% growth compared to 3.9% in Q3. Another notable fact is that China has lost 850,000 people in 2022.
Retail sales, which had jumped by...
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