Retail sales jump but lower than December
Source: Xinhua |
March 12, 2011, Saturday
|
Print Edition
Print Edition
CHINA'S retail sales rose 15.8 percent year on year to 2.9 trillion yuan (US$441 billion) in the first two months of this year, the National Bureau of Statistics said yesterday.
Despite a spending spree during the traditional Chinese New Year holiday, the growth was 3.3 percentage points lower than December's level.
Urban retail sales of consumer goods topped 2.5 trillion yuan in the January-February period, up 15.9 percent year on year, while retail sales in rural areas rose 15.4 percent to 384.5 billion yuan from a year earlier, said Sheng Laiyun, a spokesman for the bureau.
The January-February consumption figure was "relatively weak," said Liu Ligang, head of ANZ Bank's China economics, which is far below market expectations of 19 percent. The slowdown in consumption growth was in line with a decline in consumer confidence in recent months, he said in a note.
The Bankcard Consumer Confidence Index, compiled by Xinhua news agency and China UnionPay, was up 0.51 point to 86.04 last month from January, but it was still down 0.59 point from the same period last year.
In January, the index dropped 1.28 points from a year ago and 0.39 point from the December level.
Despite a spending spree during the traditional Chinese New Year holiday, the growth was 3.3 percentage points lower than December's level.
Urban retail sales of consumer goods topped 2.5 trillion yuan in the January-February period, up 15.9 percent year on year, while retail sales in rural areas rose 15.4 percent to 384.5 billion yuan from a year earlier, said Sheng Laiyun, a spokesman for the bureau.
The January-February consumption figure was "relatively weak," said Liu Ligang, head of ANZ Bank's China economics, which is far below market expectations of 19 percent. The slowdown in consumption growth was in line with a decline in consumer confidence in recent months, he said in a note.
The Bankcard Consumer Confidence Index, compiled by Xinhua news agency and China UnionPay, was up 0.51 point to 86.04 last month from January, but it was still down 0.59 point from the same period last year.
In January, the index dropped 1.28 points from a year ago and 0.39 point from the December level.
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