Retail sales may double by 2015
By Feng Jianmin |
June 2, 2011, Thursday
|
Print Edition
Print Edition
CHINA'S retail sales of consumer goods may double by 2015, according to a report by the Chinese Academy of Social Sciences yesterday.
Retail sales in the country may total 27.4 trillion yuan (US$4.23 trillion) in 2015 if annual growth is maintained at between 15 and 17 percent in the next five years. The sales will be 1.7 times of that in 2010, according to the 2011 Business Blue Paper.
"Consumption will gradually rise to be the key driver of the economy under government support," the report said.
Although retail sales have been growing at an average 18.1 percent annually over the past five years, the proportion of consumption in China's economy has dropped from 66.4 percent to 49.2 percent in the past 20 years.
It forecast medium-sized cities, rather than large cities and smaller towns, to post the fastest consumption growth.
The report also reaffirmed that China will surpass Japan to become the world's largest luxury market by 2015. It said that consumption of luxury goods will be sustained as China's middle class may rise to 104 million in 2011.
The prices of real estate, cars, watches and jewelry rose 11.3 percent in 2010, according to the report.
Retail sales in the country may total 27.4 trillion yuan (US$4.23 trillion) in 2015 if annual growth is maintained at between 15 and 17 percent in the next five years. The sales will be 1.7 times of that in 2010, according to the 2011 Business Blue Paper.
"Consumption will gradually rise to be the key driver of the economy under government support," the report said.
Although retail sales have been growing at an average 18.1 percent annually over the past five years, the proportion of consumption in China's economy has dropped from 66.4 percent to 49.2 percent in the past 20 years.
It forecast medium-sized cities, rather than large cities and smaller towns, to post the fastest consumption growth.
The report also reaffirmed that China will surpass Japan to become the world's largest luxury market by 2015. It said that consumption of luxury goods will be sustained as China's middle class may rise to 104 million in 2011.
The prices of real estate, cars, watches and jewelry rose 11.3 percent in 2010, according to the report.
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