China retail sales growth slows further in August. This is the slowest retail growth in data history, excluding the COVID period and the 1984 and 1990 recessions. It's concerning. Given that disposable income growth is still 4-5%, the propensity to consume must have been very low. Weak consumption reflects the negative wealth effect, as property prices continue to fall and Chinese stocks haven't performed much this year. Policy to boost asset prices and, in turn, consumption is much needed. Given that property is likely beyond immediate help, policy to boost stocks, as it did in late September 2024, will help the economy — a lot.

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