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China to see record 15.8 pct growth in retail sales this year: report |
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18:34, July 11, 2007 |
China's retail sales of consumer goods are expected to rise 15.8 percent this year, the fastest nominal growth in a decade, according to a report from the State Information Center.
The figure compares with last year's 13.7-percent rise and a 13-percent increase previously predicted by the Ministry of Commerce for the whole of 2007.
Retail sales would rise to 8.85 trillion yuan (1.15 trillion U.S. dollars) in 2007 from last year's 7.64 trillion yuan, partly driven by increasing incomes of urban and rural residents, said the report.
Rising prices for meat, eggs and cooking oil filled farmers' pockets, while pay rises in government agencies and public institutions made city dwellers more willing to buy.
The report also said China's consumption demand was rising at a quicker pace, with retail sales, the major measurement of consumer spending, contributing 39.4 percent to the economic growth in the first quarter, up from 27.8 percent from the same period last year.
The real, or inflation-adjusted, growth rate of retail sales is expected to be 12.8 percent this year, 0.2 percentage points higher than the previous year.
Source: Xinhua
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