China’s consumers are still buying most things, except cars and houses, says Shaun Rein, of China Market Research Group. November retail sales grew by 20.8 per cent year-on-year and Mr Rein’s consumer surveys show that 70 per cent of Chinese shoppers plan to spend as much next year as this year.

The continued optimism is exemplified by Wang Lu, assistant manager of a vast two-storey branch of Suning, the electronics and white goods retailer, in Tangshan, the steel capital of China.