Cornell's Prasad Says China's Economy Is Holding Up

The video discusses China's economic growth, focusing on the 6.9% growth rate and its implications. It highlights the transition towards a service-oriented economy, with retail sales up by 11% from the previous year. The discussion also covers China's reliance on investment and manufacturing, noting gradual progress in reducing this dependence. Steel production is analyzed, with a record high of 73 million metric tons, emphasizing the importance of looking at annual trends rather than monthly or quarterly fluctuations.

What does the increase in retail sales indicate about the Chinese economy?

What is the current state of steel production in China as mentioned in the text?