Retail spending may rise 16% in China
By Wang Yanlin |
April 24, 2010, Saturday
|
Print Edition
Print Edition
CHINA'S retail sales may expand 16 percent year on year in 2010, growing slightly faster than the 15.5 percent increase in 2009, the Ministry of Commerce said yesterday.
"Domestic demand will continue to grow this year as policies have been launched to stimulate people's consumption," the ministry said in a report. "The policies will create a good environment for the consumer market to grow this year."
China intends to shift from being reliant on exports to consumption to propel its economy after trade slumped last year amid the global financial crisis.
Retail sales in China jumped 15.5 percent from a year earlier to 12.53 trillion yuan (US$1.83 trillion) in 2009, the fastest pace since 1986, the report said. It added that a faster pace of urbanization offered a vast market for retail sales to continue to grow.
China offered subsidies for rural buyers of some household appliances, including television sets and air conditioners, from 2007. The program was later expanded to more products and was introduced to the cities to further spur domestic demand.
The report said more consumption of services, and green consumption, or low-carbon consumption, would create new opportunities for retail sales to rise faster.
"Domestic demand will continue to grow this year as policies have been launched to stimulate people's consumption," the ministry said in a report. "The policies will create a good environment for the consumer market to grow this year."
China intends to shift from being reliant on exports to consumption to propel its economy after trade slumped last year amid the global financial crisis.
Retail sales in China jumped 15.5 percent from a year earlier to 12.53 trillion yuan (US$1.83 trillion) in 2009, the fastest pace since 1986, the report said. It added that a faster pace of urbanization offered a vast market for retail sales to continue to grow.
China offered subsidies for rural buyers of some household appliances, including television sets and air conditioners, from 2007. The program was later expanded to more products and was introduced to the cities to further spur domestic demand.
The report said more consumption of services, and green consumption, or low-carbon consumption, would create new opportunities for retail sales to rise faster.
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