China is seeing a good recovery on a variety of its economy activities. This shows that if a country is effective in containing Covid-19, the economy can also go back on track. After checking with various big shopping malls in mainland China, we confirmed that offline shops are mostly closed in early Feb and started to reopen in the late Feb. In March, almost all shops are opened National wide except for Hubei province. This is consistent with Sandalwood offline and online retail data as well, we see continuous recovery in the first half of March 2020 in various sectors, both offline and online channel. Housing (see chart below) and Automobile spending on the way of recovery, indicating the recovery of consumer sentiment, while Hotel and Restaurant spending still remain weak - this make sense due to social distancing measures. Luxury spending are seeing early signs of recovery in Mainland China as well.