While China's coastal provinces and major cities are recovering from the coronavirus pandemic, firms in its poorer western and central provinces are falling well behind in metrics like output and sales revenue, a private survey showed on Thursday.
FILE PHOTO: People wearing face masks walk on a street in Shanghai, following the coronavirus disease outbreak, China July 16, 2020. REUTERS/Aly Song
The majority of firms are recovering far more slowly than those in wealthier areas around Beijing, Shanghai and Guangdong, said a report from China Beige Book International . For instance, sales revenues increased 41% quarter-on-quarter for Shanghai and the wealthy eastern provinces of Zhejiang and Jiangsu, but fell by 10% in the more remote western regions of Tibet, Gansu, Qinghai and Xinjiang, it said.
In August, China’s industrial output accelerated the most in eight months, while retail sales grew for the first time this year, suggesting the economic recovery is gathering pace as demand starts to improve more broadly from the coronavirus crisis.
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