Hopes raised by retail sales growth rate
By Wang Yanlin |
April 14, 2012, Saturday
|
Print Edition
Print Edition
RETAIL sales growth in China quickened in March, fueling hopes of a better performance in the world's second-largest economy after its first quarter's growth eased sharply.
Retail sales expanded 15.2 percent in March from a year earlier to 1.56 billion yuan (US$247 million), the National Bureau of Statistics said yesterday. This was higher than the 14.7 percent growth in the first two months of this year.
In the first quarter, sales rose 14.8 percent to 4.93 trillion yuan.
"The recovery in March's retail sales appeared to be rather broad-based," said Zhu Haibin, an economist at JPMorgan.
"People's rising incomes will provide solid support to future consumption."
In the first quarter, the disposable income of urban residents rose 14 percent year on year, while a 17 percent rise was reported among rural families.
Both rates were higher than China's economic growth of 8.1 percent in the first three months, which was the slowest in 11 quarters.
Economists have expected China to rely more on domestic consumption to drive its economic growth, and to gradually wean itself off dependence on exports and investment.
Retail sales in March, though showing signs of improvement, were still below last year's average rate of 17.1 percent, partly because of the phasing-out on stimulus programs.
The Ministry of Commerce has said it will roll out new policies to spur consumption.
Sales of communications appliances, mobile phones in particular, continued to lead other purchases - up 44.1 percent year on year in March.
Retail sales expanded 15.2 percent in March from a year earlier to 1.56 billion yuan (US$247 million), the National Bureau of Statistics said yesterday. This was higher than the 14.7 percent growth in the first two months of this year.
In the first quarter, sales rose 14.8 percent to 4.93 trillion yuan.
"The recovery in March's retail sales appeared to be rather broad-based," said Zhu Haibin, an economist at JPMorgan.
"People's rising incomes will provide solid support to future consumption."
In the first quarter, the disposable income of urban residents rose 14 percent year on year, while a 17 percent rise was reported among rural families.
Both rates were higher than China's economic growth of 8.1 percent in the first three months, which was the slowest in 11 quarters.
Economists have expected China to rely more on domestic consumption to drive its economic growth, and to gradually wean itself off dependence on exports and investment.
Retail sales in March, though showing signs of improvement, were still below last year's average rate of 17.1 percent, partly because of the phasing-out on stimulus programs.
The Ministry of Commerce has said it will roll out new policies to spur consumption.
Sales of communications appliances, mobile phones in particular, continued to lead other purchases - up 44.1 percent year on year in March.
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