China retail sales shrink as Covid strains economy

A man lowers his mask to drink from a cup as he past near a mall in Beijing. China's annual gross domestic product growth is expected to slow to 3.3% this year and rebound to 4.8% next year. – AP

BEIJING: China’s economy weakened in October as worsening covid outbreaks across the country hurt consumer sentiment and disrupted business activity while a slump in the property market shows no signs of easing.

Retail sales contracted for the first time since May, dropping 0.5% from a year earlier, the National Bureau of Statistics (NBS) said. The median estimate in a Bloomberg survey was for 0.7% growth.