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Shanghai retail sales grow 13.8% in November
By Wang Yanlin |
December 15, 2009, Tuesday
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Online Edition
Online Edition
SHANGHAI'S retail sales extended a strong growth by expanding 13.8 percent year on year in November, the Shanghai Statistics Bureau said today.
The pace was a bit slower than a rise of 14.1 percent in October, a prime spending month due to the National Day holiday and promotions. But analysts said the momentum for sales was sustained in November and would last.
"Shanghai's retail sales, driven primarily by people's purchase of cars in recent months, has been a steady stabilizer for Shanghai's economy," said Li Maoyu, an analyst at Changjiang Securities Co. "The government will continue to offer subsidies for car buyers and appliance buyers. The stance will help to extend a strong consumption growth into next year."
Shanghai's retail sales jumped to 43.4 billion yuan (US$6.35 billion) last month, setting the growth pace in the first 11 months at 14 percent and total sales at 471.1 billion yuan.
The pace was a bit slower than a rise of 14.1 percent in October, a prime spending month due to the National Day holiday and promotions. But analysts said the momentum for sales was sustained in November and would last.
"Shanghai's retail sales, driven primarily by people's purchase of cars in recent months, has been a steady stabilizer for Shanghai's economy," said Li Maoyu, an analyst at Changjiang Securities Co. "The government will continue to offer subsidies for car buyers and appliance buyers. The stance will help to extend a strong consumption growth into next year."
Shanghai's retail sales jumped to 43.4 billion yuan (US$6.35 billion) last month, setting the growth pace in the first 11 months at 14 percent and total sales at 471.1 billion yuan.
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