Retail sales accelerated and industrial production topped expectations over first two months of the year.
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SINGAPORE—China reported surprisingly robust economic activity to start the year, giving Beijing some wind at its back as it faces the prospect of increased tensions with President Trump’s second administration.
Retail sales, a measure of consumer spending in China, accelerated, and investment and industrial production grew more than expected, though unemployment rose to a two-year high, and the beleaguered property market remained under pressure, according to official data.
The numbers come a day after Beijing released a policy plan to expand domestic consumption, including raising wages, increasing pensions and creating incentives for childbirth . The plan was the latest acknowledgment of the urgency in Beijing to find alternatives to export-led growth, but was light on specifics, such as whether new funding would be allocated to its policies, or how local governments would implement the proposed measures.
China earlier this month set an ambitious growth target of about 5% for 2025 and pledged to step up spending and boost domestic demand to stimulate a sluggish economy that is threatened by an escalating trade war with the U.S. The 5% growth target, unchanged from a year earlier, projected a sense of continuity as the Trump administration upends long-held assumptions about the global economic order .
In the two months since his return to office, Trump has put an additional 20% tariff on all Chinese goods and imposed an extra 25% duty on steel and aluminum imports.
China reported weaker-than-expected growth in the export sector to start 2025, which was a key engine of China’s economy last year—and which stands to take a hit as tariff barriers rise around the world. China also recently reported a drop in consumer prices for the first time in a year, a reflection of a larger disinflationary environment that has prompted Chinese leaders to call for more spending by households and businesses. Loans and credit data for February also came in below expectations.
On Monday, China said retail sales in the first two months of the year increased 4% from the same period a year earlier, up from December’s 3.7% year-over-year growth, according to figures published by China’s National Bureau of Statistics. China combines January and February data each year to iron out distortions brought by the shifting timing of the Lunar New Year holiday.
Chinese leaders have identified boosting domestic consumption as their top policy priority for 2025, a move that economists say has become critical as Trump administration tariffs hinder Beijing’s ability to rely on exports to boost growth.
China said industrial production in January and February rose 5.9% from a year earlier, more than economists’ expectations for a 5.4% increase but down from the 6.2% year-over-year gain in December.
Production of new energy vehicles, which includes electric vehicles, 3-D printing equipment and industrial robots jumped 48%, 30%, and 27% year-over-year, respectively, according to the data. Investment in buildings, equipment and other fixed assets rose 4.1% for the same period compared with a year prior.
The real-estate sector, a sore spot in China’s economy, continued to struggle. Property investment fell 9.8% year over year during the first two months of the year. New construction starts dropped by about 30% from the year prior.
Many economists say a sustained recovery in China’s property market is essential to repairing consumer sentiment and increasing spending, given how important real estate is to household wealth levels in the country.
China’s headline measure of joblessness, the urban unemployment rate, rose to 5.4% in February, its highest level since February 2023, up from 5.2% in January and 5.1% in December, according to the data. The metric isn’t seasonally adjusted.
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The Australian leather house has opened an immersive four-day pop-up in Manhattan, unveiling its Bloom Collection and redefining what a product launch can look like.
Following the successful launch of its Palais Collection, MAISON de SABRÉ has unveiled a new modular handbag system offering more than 720 styling combinations.
The Australian leather house has opened an immersive four-day pop-up in Manhattan, unveiling its Bloom Collection and redefining what a product launch can look like.
2 min
Product launches used to mean a store window and a press release. MAISON de SABRÉ has other ideas.
The Australian-born luxury house, founded in 2017 by brothers Omar and Zane Sabré, has opened a four-day Floral Atelier in the heart of New York City, transforming a stretch of Manhattan into what it calls an “overgrown botanical landscape” of craftsmanship, floristry, hospitality and music.
It’s the brand’s most ambitious physical activation to date, and the setting for the launch of its new Bloom Collection.
At the centre of the collection are three new SABRÉMOJI flower charms, named Wild Daisy, Sunflower and Cherry Blossom, each made entirely from upcycled leather offcuts and finished with ultrasonic embossing and embroidery.
There’s also the Floral Twist Handle, arguably the house’s most technically demanding piece yet, which takes 36 individual hand-tied knots to form six leather flowers, plus another ten structural knots that let it convert from a hand-carry to a shoulder strap.
A new Floral Wristlet debuts a leather-knotting technique developed specifically for the collection.
Between them, the pieces bring the brand’s product ecosystem to more than 10,000 possible styling combinations, all built from what would otherwise be manufacturing waste.
“Bloom is the latest evolution in the MAISON de SABRÉ product ecosystem, reimagining the handbag as a living canvas,” said co-founder and creative director Omar Sabré. He points to the smaller pieces as proof of intent rather than afterthought: “The smallest products demand extraordinary precision.”
It’s a strategy with numbers behind it.
The brand’s connected styling platform, of which Bloom is the latest chapter, has helped push MAISON de SABRÉ past $100 million in annual revenue and lifted average order value by 45 per cent, evidence that designing products to be added to and reinterpreted has become a genuine commercial engine rather than a marketing line.
The SABRÉMOJI charm platform alone has sold more than 500,000 units globally, with sold-out collaborations including Pokémon, Hello Kitty and Mr Men Little Miss.
For co-founder and managing director Zane Sabré, the Atelier is really about where the relationship with a customer begins.
“Retail is no longer just about selling products; there’s been a structural shift toward experience and participation,” he said.
“With Bloom, we wanted to create an environment where clients can experience our craft, understand our styling system and explore what is possible before they think about making a purchase.”
The Floral Atelier runs from July 3-26 in New York. The Bloom Collection launched globally today at maisondesabre.com, before rolling out to stockists including Bloomingdale’s, Nordstrom, Saks Fifth Avenue, Net-a-Porter’s FWRD, Revolve, Farfetch, Le Bon Marché and Ounass.
