China's total retail sales of consumer goods in early November exceeded the entire total for last year, and by mid-December, it had exceeded the 10-trillion yuan mark for the first time, according to the Ministry of Commerce (MOC).
It reflects the achievements of the central government's policies in expanding domestic demand and promoting a stable and faster economic development.
According to the MOC, the total retail sales of consumer goods in China was only 155.9 billion yuan in 1978. After 14 years of effort, it reached 1.0094 trillion yuan in 1992, exceeding 1 trillion yuan for the first time. After another 11 years, it surpassed the 5-trillion yuan mark in 2003.
Although the current international financial crisis has had adverse effects on the domestic market, as holidays including Christmas and New Year's Day approach, market sales will still maintain certain growth, according to the MOC.
It is expected that the total retail sales of consumer goods in 2008 will by approximately 11 trillion yuan, an increase of around 21% year-on-year.
By People's Daily Online
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