China retail sales up 10.3% in H1

Source: Xinhua | July 15, 2016, Friday |

Online Edition

China's retail sales of consumer goods grew 10.3 percent year on year in the first half of this year, staying flat with the 10.3-percent growth in the first quarter, official data showed on Friday.

Total retail sales of consumer goods stood at 15.6 trillion yuan (US$2.2 trillion) in the first half of 2016, according to the National Bureau of Statistics (NBS).

Retail sales in rural areas expanded by 11 percent year on year, outpacing the 10.2 percent rate for sales in urban areas.

In June, retail sales of consumer goods grew 10.6 percent year on year, compared with 10-percent growth for May, NBS data showed.

In the first six months, online sales surged by 28.2 percent year on year to 2.2 trillion yuan.

A confluence of factors, including rising salaries and subdued consumer prices, were behind the strength in the first quarter.

Retail sales have contributed significantly to China's economic growth as the country shifts from an export-driven economy to a consumer society.

In 2015, consumption contributed 66.4 percent to China's GDP, up 15.4 percentage points from 2014.

Economy

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China retail sales up 10.3% in H1

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