China's economy recovering, growth in August

The National Statistics Bureau of China said on Tuesday the country's economy continues to recover from the coronavirus pandemic with growth in retail sales, foreign trade and investment.

Retail sales, a major indicator of consumption growth, grew for the first time since the coronavirus outbreak, Fu Linghui, the spokesperson of the National Statistics Bureau told reporters in Beijing.

The Shanghai Composite Index gained 0.2% to 3,283.93 after the government reported retail sales rose 0.5% in August over a year earlier, their first positive growth this year.

The Chinese statistics agency said that was a sign of continued economic recovery.

The data also showed a rebound in foreign trade and investment, Fu said.

He cautioned, however, that the current recovery remains unbalanced because of the overall state of the global economy.