A customer shops at a department store in Yantai, East China's Shandong province, April 11, 2023. (PHOTO / XINHUA)
BEIJING – An industrial survey has indicated growing confidence among Chinese retailers about business prospects as the country's economic recovery expands.
The China Retail Performance Index, a barometer of retailers' expectations for the sector, stood at 51.1 percent in May, climbing 0.3 percentage points from April and staying in the expansion zone for five consecutive months, according to the China General Chamber of Commerce.
A reading above 50 indicates expansion, while a reading below 50 reflects contraction.
People's spending in tourism and catering logged notable expansion as the recovery has steadied at home, the chamber said, adding that the May Day holiday has also promoted the flow of personnel and commodities.
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The steady growth of the index pointed to an across-the-board recovery in the retail sector and stronger confidence among retailers, according to the CGCC.