Rise in retail sales eases
By Wang Yanlin |
August 10, 2011, Wednesday
|
Print Edition
Print Edition
CHINA'S retail sales grew slightly slower in July and the moderation has sparked concerns that the government may find it hard to depend on domestic demand to power the economy.
Retails sales expanded 17.2 percent from a year earlier to 1.44 trillion yuan (US$221 billion) last month, the National Bureau of Statistics said yesterday. It weakened from June's gain of 17.7 percent but was stronger than May's growth of 16.9 percent.
In the first seven months China's retail spending rose 16.8 percent annually, short of a 18.4-percent gain last year.
"Consumer spending is unlikely to increase dramatically this year," said Lian Ping, chief economist at Bank of Communications. He forecast retail sales to gain 17 percent this year and said those who had banked on domestic demand to drive the economy would be disappointed.
The bureau said earlier that consumption contributed 47.5 percent to China's first-half economic output and investment took up 53.2 percent, while foreign trade contributed a negative 0.7 percent.
Lian said that while China has taken measures to stimulate domestic demand weakness in people's social safety net and increasingly expensive costs of education, for example, will deter an increase in consumption.
Li Maoyu, an analyst at Changjiang Securities Co, said there should have been a sharper easing in consumer spending growth as the inflation rate rose to a 37-month high of 6.5 percent in July.
Retails sales expanded 17.2 percent from a year earlier to 1.44 trillion yuan (US$221 billion) last month, the National Bureau of Statistics said yesterday. It weakened from June's gain of 17.7 percent but was stronger than May's growth of 16.9 percent.
In the first seven months China's retail spending rose 16.8 percent annually, short of a 18.4-percent gain last year.
"Consumer spending is unlikely to increase dramatically this year," said Lian Ping, chief economist at Bank of Communications. He forecast retail sales to gain 17 percent this year and said those who had banked on domestic demand to drive the economy would be disappointed.
The bureau said earlier that consumption contributed 47.5 percent to China's first-half economic output and investment took up 53.2 percent, while foreign trade contributed a negative 0.7 percent.
Lian said that while China has taken measures to stimulate domestic demand weakness in people's social safety net and increasingly expensive costs of education, for example, will deter an increase in consumption.
Li Maoyu, an analyst at Changjiang Securities Co, said there should have been a sharper easing in consumer spending growth as the inflation rate rose to a 37-month high of 6.5 percent in July.
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