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It looks like China’s $585 billion dollar stimulus package is working to boost consumer confidence. New research from Nielsen shows that only 35% of Chinese believe their country is in a recession in contrast to the U.K (98%) and the U.S. (95%). The most pessimistic countries in the world are Korea, Portugal and Latvia.
While the economy has slowed in China, February retail sales were up 15% over last year. Many multinational retailers who are shutting stores or slowing growth in the U.S., are still expanding in China. A recent article in The China Daily (Retail Giants on Expansion Spree) discusses why Wal-Mart, Carrefour and 7-Eleven’s are expanding in China.
Given consumer confidence is needed to spur spending which in turn will kickstart the economy, do you think China will lead the globe out of this recession?
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