China retail sales rise with a 10.9 per cent in March
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China’s retail sales rose 10.9 per cent in March – the best month of the year to date.
However the quarterly rise was just shy of 10 per cent – the first time the official figure has dropped below 10 per cent in 11 years according to the National Bureau of Statistics. IN January and February, China retail sales rose 9.5 per cent each month.
Retail sales of consumer goods totalled 8.5823 trillion yuan (US$1.25 trillion) from January to March.
There was strong consumption potential in rural areas, the data shows, with retail sales climbing 11.9 per cent during the quarter, outpacing urban areas where sales rose 9.7 per cent year-on-year.
Online sales continued their run of strong growth, surging 32.1 per cent in the first two months to 1.405 trillion yuan.
As a main driver of economic growth, consumption contributed to 64.6 per cent of China’s GDP growth last year. The nation is aiming for a steady increase in consumer spending this year.
Questions & Answers
Q.What was the total value of retail sales for consumer goods in China during the first quarter?
What was the total value of retail sales for consumer goods in China during the first quarter?
From January to March, retail sales of consumer goods in China amounted to 8.5823 trillion yuan, which translates to US$1.25 trillion. This figure covers the initial three months of the year.
Q.How did retail sales growth compare between rural and urban areas in the first quarter?
How did retail sales growth compare between rural and urban areas in the first quarter?
During the first quarter, retail sales in rural areas saw a significant increase of 11.9 per cent. This growth rate surpassed that in urban areas, where sales climbed by 9.7 per cent year-on-year.
Q.What was the performance of online sales in China during the initial months of the year?
What was the performance of online sales in China during the initial months of the year?
Online sales showed strong growth, rising by 32.1 per cent in the first two months of the year. The total value for online sales during this period reached 1.405 trillion yuan.
Q.What was the quarterly retail sales rise, and why is this notable?
What was the quarterly retail sales rise, and why is this notable?
The quarterly retail sales rise was just under 10 per cent. This figure is noteworthy because it marks the first time in 11 years that the official quarterly retail sales growth has fallen below 10 per cent.
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