The consensus forecast for retail sales was 7% year-on-year. It came in at 2.5% YoY. This shows how inbound tourism has been affected by even localised lockdowns after a small number of Covid cases were found. People are clearly worried that they could get trapped in tourist destinations if Covid cases emerge, and have therefore been less keen to travel across provinces over the summer holidays. A rebound in retail sales growth is expected in September as Covid cases have been limited in Fujian. But we are starting to worry that government policies are hurting the job market and as such, sentiment around spending ... (full story)