Where are all the Chinese shoppers? Official numbers suggest domestic consumption is in fine fettle – retail sales grew by 22 per cent in the year to April – but cracks are appearing in discretionary spending.

Car sales have been falling month on month since April, according to CSM Worldwide, an automotive consultancy. Growth in domestic passenger traffic on flights is also decelerating; Air China, the flagship carrier, saw traffic slump nearly 11 per cent in the year to May. And port volume growth at the key terminals of Shanghai and Shenzhen has fallen to 11 per cent and 8 per cent respectively, according to Citigroup. That is half the levels of a year ago. Some caution is necessary. Car sales in particular are a volatile series and drivers could well be forgiven for deferring purchases at a time when refiners are keeping petrol pumps empty rather than sell the stuff at a loss (as a result of subsidies). Last month’s earthquake and the snowstorms earlier this year are distorting factors – aircraft were diverted to join the rescue effort in Sichuan, for example.