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Retail sales climb nearly 19% in October
By Wang Yanlin |
November 12, 2010, Friday
|
Print Edition
Print Edition
CHINA'S retail sales climbed 18.6 percent in October from a year ago to 1.43 trillion yuan (US$215 billion), the National Bureau of Statistics said yesterday.
But the double-digit gain may be offset by a slight easing in actual sales in real terms due to inflation, said Li Wei, an analyst at Standard Chartered Bank (China) Ltd.
Retail sales in the country grew 18.8 percent in September and 18.4 percent in August, the bureau said.
"Retail sales growth was weaker than expected, but still strong," said Sun Chi, an economist at Nomura Bank.
China has been trying to reduce reliance on exports, the hardest hit sector during the global financial crisis last year, and to shift its economy toward domestic consumption as the driving force. The country has launched subsidies for buyers of energy-efficient cars and household appliances to stimulate spending.
But Li said in real terms sales may have moderated slightly given higher inflation. "There are also signs that urban income and spending growth have decelerated a bit in recent months," Li said.
China's Consumer Price Index, the main gauge of inflation, surged to a 25-month high of 4.4 percent in October.
The nation's Producer Price Index, the factory-gate measure of inflation, climbed to 5 percent last month from September's 4.3 percent, indicating higher cost pressure as production becomes more expensive.
But the double-digit gain may be offset by a slight easing in actual sales in real terms due to inflation, said Li Wei, an analyst at Standard Chartered Bank (China) Ltd.
Retail sales in the country grew 18.8 percent in September and 18.4 percent in August, the bureau said.
"Retail sales growth was weaker than expected, but still strong," said Sun Chi, an economist at Nomura Bank.
China has been trying to reduce reliance on exports, the hardest hit sector during the global financial crisis last year, and to shift its economy toward domestic consumption as the driving force. The country has launched subsidies for buyers of energy-efficient cars and household appliances to stimulate spending.
But Li said in real terms sales may have moderated slightly given higher inflation. "There are also signs that urban income and spending growth have decelerated a bit in recent months," Li said.
China's Consumer Price Index, the main gauge of inflation, surged to a 25-month high of 4.4 percent in October.
The nation's Producer Price Index, the factory-gate measure of inflation, climbed to 5 percent last month from September's 4.3 percent, indicating higher cost pressure as production becomes more expensive.
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