China retail sales up 10.8 pct in August
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China’s retail sales grew 10.8 percent year on year to 2.49 trillion yuan (390.89 billion U.S. dollars) in August, the National Bureau of Statistics (NBS) said Sunday.
The growth rate picked up slightly from 10.5 percent in July.
A key reason for the month-on-month rise in retail sales was rising retail prices, and the August retail sales growth rate is almost the same as in July if one deducts the price factor, said NBS statistician Lin Tao.
In the first eight months, retail sales grew 10.5 percent.
Growth in rural areas continued to outpace that in cities.
Sales in rural areas rose 11.9 percent in August and 11.7 percent in the January-August period, in contrast to the 10.6-percent and 10.3-percent growth seen in urban areas.
Earnings for catering services in August grew 12.4 percent, 0.2 percentage points higher than July.
Chinese consumers increasingly favored online shopping. In the first eight months, online sales rose 36.5 percent year on year to 2.24 trillion yuan.
Questions & Answers
Q.What was the total value of retail sales in China for the month of August?
What was the total value of retail sales in China for the month of August?
China's retail sales in August reached 2.49 trillion yuan, which translates to 390.89 billion U.S. Dollars. This figure was reported by the National Bureau of Statistics.
Q.Was the reported increase in retail sales primarily due to higher sales volume or rising prices?
Was the reported increase in retail sales primarily due to higher sales volume or rising prices?
The month-on-month rise in retail sales was largely attributed to rising retail prices. An NBS statistician noted that the growth rate would be almost the same as July's if the price factor was deducted.
Q.How did retail sales growth in rural areas compare to urban areas during August?
How did retail sales growth in rural areas compare to urban areas during August?
Sales in rural areas grew by 11.9 percent in August, which outpaced the 10.6-percent growth seen in urban areas. This trend of rural growth exceeding urban growth continued.
Q.What was the growth rate for online shopping in China during the first eight months of the year?
What was the growth rate for online shopping in China during the first eight months of the year?
Online sales in China saw a significant increase, rising by 36.5 percent year on year in the first eight months. The total value of these sales reached 2.24 trillion yuan during this period.
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