The main reason for the resilience of the Chinese shoppers is steady income growth. Wages for migrant workers rose by 10% in the second quarter compared with a year earlier, faster than the national average of 7%. Since low-income earners tend to spend more of their pay than the rich, that has given consumption an extra boost.

One concern is whether this income growth can continue as Chinese industry struggles. Some factories are cutting jobs. But services account for a bigger share of the economy than industry, employ more people and are still growing well.

-- The Economist on Sept 26