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Retail sales grow slowly
By Wang Yanlin |
November 10, 2011, Thursday
|
Print Edition
Print Edition
CHINA'S retail sales grew at a slower pace in October amid economic uncertainties, but analysts remained optimistic as rising purchasing power among Chinese consumers will translate into higher consumption demand.
Retail sales, a broad measure of consumer spending, rose 17.2 percent from a year earlier to 1.65 trillion yuan (US$261 billion) last month, the National Bureau of Statistics said yesterday.
It weakened from 17.7 percent in September but was still higher than 17 percent in August. The overall growth in the first 10 months remained at an annual 17 percent.
Qu Hongbin, chief economist for China at HSBC, said: "Consumer spending is likely to remain resilient, thanks to rapid income growth while the expected slowing inflation may boost consumer confidence."
The Consumer Price Index, a main measure of inflation, moderated for a third straight month in October to 5.5 percent, notching the slowest pace since May.
The CPI peaked in July when inflation touched a 37-month high of 6.5 percent.
Xue Jun, an analyst at CITIC Securities Co, said Chinese consumers "are willing to spend on products of higher quality and of greater innovation."
He added: "Retail sales may continue to grow strongly in the coming months."
Last month, their spending on jewelry surged 32.3 percent year on year to 16.1 billion yuan while expenditure on furniture jumped 33.3 percent to 11.8 billion yuan.
Retail sales, a broad measure of consumer spending, rose 17.2 percent from a year earlier to 1.65 trillion yuan (US$261 billion) last month, the National Bureau of Statistics said yesterday.
It weakened from 17.7 percent in September but was still higher than 17 percent in August. The overall growth in the first 10 months remained at an annual 17 percent.
Qu Hongbin, chief economist for China at HSBC, said: "Consumer spending is likely to remain resilient, thanks to rapid income growth while the expected slowing inflation may boost consumer confidence."
The Consumer Price Index, a main measure of inflation, moderated for a third straight month in October to 5.5 percent, notching the slowest pace since May.
The CPI peaked in July when inflation touched a 37-month high of 6.5 percent.
Xue Jun, an analyst at CITIC Securities Co, said Chinese consumers "are willing to spend on products of higher quality and of greater innovation."
He added: "Retail sales may continue to grow strongly in the coming months."
Last month, their spending on jewelry surged 32.3 percent year on year to 16.1 billion yuan while expenditure on furniture jumped 33.3 percent to 11.8 billion yuan.
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