China’s retail sales grow 10.4 per cent
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China’s retail sales of consumer goods grew 10.4 per cent year-on-year in the first half of this year to RMB17.24 trillion (US$2.55 trillion), new official data shows.
The pace was slightly faster than the 10 per cent for the first quarter, the National Bureau of Statistics (NBS) says.
Retail sales last month grew by 11 per cent year-on-year, the fastest rate since December 2015.
The NBS attributes the pick-up in growth partly to online sales, which surged 33.4 per cent year-on-year in the first half, 1.3 points higher than in the first quarter.
Online sales of goods rose 28.6 per cent to RMB2.37 trillion, accounting for 13.8 per cent of China’s total retail sales, up from a share of 11.6 per cent for the first half of last year.
NBS spokesman Xing Zhihong says the larger share proves new growth sources in the economy are rising.
Retail sales in rural areas rose 12.3 per cent in the first half, outpacing the 10.1 per cent expansion for urban areas.
Booming retail sales are behind China’s stabilising economy, which grew 6.9 per cent in the first half.
The contribution of final consumption to GDP growth stood at 63.4 per cent, slightly down from last year’s 64.6 per cent.
“Consumption demand is the most important engine of our economic growth,” says Xing.
Questions & Answers
Q.What was the total value of China's retail sales in the first half of this year?
What was the total value of China's retail sales in the first half of this year?
China's retail sales of consumer goods amounted to RMB17.24 trillion (US$2.55 trillion) in the first six months of the current year. This figure represents a 10.4 per cent year-on-year increase.
Q.How significantly did online sales contribute to the overall retail sales in China during the first half?
How significantly did online sales contribute to the overall retail sales in China during the first half?
Online sales of goods surged by 33.4 per cent year-on-year, reaching RMB2.37 trillion. These sales accounted for 13.8 per cent of China’s total retail sales, an increase from 11.6 per cent last year.
Q.Did retail sales growth differ between rural and urban areas in China for the first half of the year?
Did retail sales growth differ between rural and urban areas in China for the first half of the year?
Yes, retail sales growth in rural areas was 12.3 per cent during the first half. This rate was higher than the 10.1 per cent expansion observed for urban areas in the same period.
Q.What was final consumption's contribution to China's GDP growth in the first half of this year?
What was final consumption's contribution to China's GDP growth in the first half of this year?
Final consumption contributed 63.4 per cent to China's GDP growth in the first half. This figure was slightly lower than the 64.6 per cent recorded in the previous year.
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