Hong Kong’s luxury sales rebounded in a sign that confidence is returning
Hong Kong’s luxury sales rebounded in a sign that confidence is returning to a Chinese economy that probably picked up pace in the final three months of last year after a seven-quarter slowdown.
Sales of goods including jewelry and watches jumped 13.7 percent in November from a year earlier after a 2.9 percent decline in October, Hong Kong’s government said in a statement on its website yesterday.
The role of mainland tourists in driving the city’s retail sales makes the figures one gauge of sentiment in the world’s second-biggest economy. Infrastructure projects and an expansion of credit through so-called shadow banking are supporting growth in China as Xi Jinping cements his leadership after becoming head of the Communist Party in November.