O&rsquo Neill, former chief economist at Goldman Sachs, pointed to the latest Chinese consumer spending data as a sign of China&rsquo s accelerating recovery. Retail sales for August in the world&rsquo s second-largest economy  rose 0.5% from a year ago, the first positive report for 2020 so far. 

&ldquo I suspect Chinese GDP growth could actually end 2020 as net positive still,&rdquo O&rsquo Neill told CNBC in an interview. &ldquo By end 2021, Chinese GDP growth will have possibly even made up for, not only the losses, but the loss in the trend also.

 

Cargo throughput at China&rsquo s major ports has continued to recover as economic activities have normalized amid effective epidemic control measures, data from the China Ports Association showed.

Cargo throughput monitored by the association went up 9 percent year-on-year in early September, with foreign trade throughput surging 16.5 percent.

Container throughput rose 7.4 percent year on year, accelerating 4.7 percentage points from the rate in late August, according to the association.

With production and living order restored as the impact of COVID-19 wanes, China&rsquo s cargo transport has gradually resumed normal growth.

Official data showed the purchasing managers&rsquo index (PMI) for China&rsquo s manufacturing sector came in at 51 in August. A reading above 50 indicates expansion, while a reading below reflects contraction. It was the sixth consecutive month that the figure remained in the expansion territory.

The sub-index for production stood at 53.5 in August, with the sub-index for new orders at 52. The sub-index measuring new export orders gained 0.7 points to 49.1.
Source: Xinhua