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China retail sales up 13.7% in June
By Wang Yanlin |
July 13, 2012, Friday
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Online Edition
Online Edition
CHINA'S retail sales growth eased slightly in June, indicating stabilized consumer demand although it remained weak.
Retail sales expanded 13.7 percent from a year earlier to 1.65 trillion yuan (US$261 billion) last month, almost flat with the pace of 13.8 percent in May, the National Bureau of Statistics said today.
In the first half, sales rose 14.4 percent to 9.82 trillion yuan.
"Excluding the price factor, China's retail sales may have grown faster in June than in May," said Sheng Laiyun, the bureau's spokesman. "It signals that China's consumption has stabilized thanks to incentive policies."
With more stimulus measures in the pipeline, China's retail sales may pick up in the near future and people may buy more value-added products, Sheng said.
Tang Jianwei, an economist with the Bank of Communications, said incentive policies and easing inflation will sustain retail growth in the second half of this year.
But retail growth will depend largely on sales of homes and vehicles -- two markets still fraught with uncertainties, Tang said.
China resumed government subsidies for energy-efficient home appliances in April and may roll out more policies to stimulate consumer spending, analysts said.
Sales of electronic products, mobile phones in particular, continued to outpace that of other categories, jumping 30.4 percent from a year earlier in June. Sales of automobiles remained weak with a 6.2 percent increase. Furniture sales jumped 28.7 percent in June, thanks to signs of recovery in the realty market.
Retail sales expanded 13.7 percent from a year earlier to 1.65 trillion yuan (US$261 billion) last month, almost flat with the pace of 13.8 percent in May, the National Bureau of Statistics said today.
In the first half, sales rose 14.4 percent to 9.82 trillion yuan.
"Excluding the price factor, China's retail sales may have grown faster in June than in May," said Sheng Laiyun, the bureau's spokesman. "It signals that China's consumption has stabilized thanks to incentive policies."
With more stimulus measures in the pipeline, China's retail sales may pick up in the near future and people may buy more value-added products, Sheng said.
Tang Jianwei, an economist with the Bank of Communications, said incentive policies and easing inflation will sustain retail growth in the second half of this year.
But retail growth will depend largely on sales of homes and vehicles -- two markets still fraught with uncertainties, Tang said.
China resumed government subsidies for energy-efficient home appliances in April and may roll out more policies to stimulate consumer spending, analysts said.
Sales of electronic products, mobile phones in particular, continued to outpace that of other categories, jumping 30.4 percent from a year earlier in June. Sales of automobiles remained weak with a 6.2 percent increase. Furniture sales jumped 28.7 percent in June, thanks to signs of recovery in the realty market.
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