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December 2, 2009

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15.6% rise in sales of consumer goods

CHINA'S retail sales of consumer goods this year are expected to be about 15.6 percent higher than last year, an official of the Ministry of Commerce said yesterday.

Stimulus programs to encourage sales of home appliances and autos to the countryside and trade-in policies for both urban and rural consumers have boosted domestic consumption, said Wang Bingnan, head of the ministry's market operation department.

By the end of October, the "home appliances to the countryside" program yielded 120 billion yuan (US$17.58 billion) in retail sales for home appliance makers, Wang told reporters in Beijing. The trade-in program created another 10 billion yuan in sales of new cars and home appliances by November 24.

China's per capita value of GDP has exceeded US$3,000, which will lead to rapid growth of its car market, said Chang Xiaocun, head of the ministry's market construction department. "The ministry is going to improve on policies to further encourage the development of auto consumption, since the market potential is huge," he said.

Nationwide retail sales grew 15.3 percent year on year in the January-October period to 10.14 trillion yuan. The rate was 6.7 percentage points down from the same period last year.


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