BEIJING : China's factory output unexpectedly picked up pace in the first two months of the year while retail sales beat expectations, even though the country is grappling with a surge in COVID-19 cases, a property market downturn and heightened global uncertainties.
Fixed asset investment rose 12.2per cent on year compared with the 5.0per cent increase tipped by the Reuters poll and 4.9per cent growth in 2021. The figure was the highest since July last year. China's economic activity is normally impacted in January and February because of the week-long Lunar New Year holiday, which fell in February in 2022. Many factory workers stayed put during the holiday due to COVID control measures and kept factory floors humming.
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