The China retail prosperity index, a barometer of retailers' expectations for the sector, went up this month, signaling retail enterprises' increasing confidence in the consumer market, according to the industry data released by the China General Chamber of Commerce (CGCC) on Monday.
The data show that the index stood at 51.1 percent in January, marking a month-on-month increase of 0.7 percentage points and a 0.2-percentage-point growth compared to one year ago.
The sub-index for commodity business came in at 51.8 percent, up 1.8 percentage points from December.
The profitability and per customer transaction indexes went up by 4.9 and 2.0 percentage points respectively on a monthly basis, both reaching a new high in about a year.
A reading above 50 indicates expansion, while a reading below 50 reflects contraction.
The data also show that the upcoming Spring Festival holiday and the implementation of a new round of trade-in program for home appliances and other goods have driven up consumer demand across county areas, which play a significant role in boosting overall consumption growth.
China's retail prosperity index up in January
China's retail prosperity index up in January
China's retail prosperity index up in January
Amid widespread opposition, U.S. President Donald Trump on Wednesday signed two executive orders on the so-called "reciprocal tariffs," imposing a 10-percent "minimum baseline tariff" and higher rates on certain trading partners.
Trump announced these tariffs in a speech in the White House Rose Garden, during which he also said a 25-percent tariff on cars and car parts imported into the U.S. will take effect on Thursday.
Many trading partners of the U.S. have previously expressed their opposition, saying that they will take countermeasures in response.
On Wednesday, President of the European Council Antonio Costa said the European Union must react in a "firm but smart manner" to the reciprocal tariffs.
"This is truly a major economic mistake for the United States and also for Europe and the entire world," Costa said.
Italian Prime Minister Giorgia Meloni said the introduction of new U.S. tariffs would have heavy repercussions for Italian producers, adding that she did not rule out "adequate responses" to defend Italian products.
While stating that the UK is engaging in constructive talks to reach a broader economic prosperity deal with the U.S., British Prime Minister Keir Starmer also said that the country is prepared for all possible scenarios and will not rule out any possibilities
Trump imposes "reciprocal tariffs" amid widespread opposition
