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Retail sales leap 18.8%
By Zhang Fengming |
October 21, 2010, Thursday
|
Online Edition
Online Edition
CHINA'S September retail sales grew the fastest since February as strong economic growth and rising wages continue to buoy household spending.
The retail sales grew 18.8 percent year on year in September, up from August's 18.4 percent. The September data, the second straight monthly acceleration, was well above the five-year average of 16.6 percent.
"Rising incomes, improving labor market conditions, strong credit growth and healthy public spending have lifted retail sales over recent quarters," Matt Robinson, a Moody's Analytics senior economist, said today.
By goods category, the fastest sales growth was for gold and silver jewelry, which grew 54.9 percent year on year, followed by furniture, cultural and office appliances and autos.
The rise of the consumption sector echoed the changing consumption patterns of Chinese consumers from daily necessity as China's middle class and affluent families grow in number, said Robinson.
In September, retail sales in rural areas grew faster than in urban areas, thanks to accelerating income growth for the rural households.
The September retail sales of 1.35 trillion yuan pushed up the total figure for the first three quarters to 11.1 trillion yuan, 18.3 percent more than the same period a year ago.
The rapid retail growth, together with a 3.6 percent inflation in September, may lay ground of a slow-down in the future, economists said.
"The rapid growth of the retail sector actually strengthened the authorities' expectation of higher inflation risk," said Lu Zhengwei, an Industrial Bank senior analyst.
The retail sales grew 18.8 percent year on year in September, up from August's 18.4 percent. The September data, the second straight monthly acceleration, was well above the five-year average of 16.6 percent.
"Rising incomes, improving labor market conditions, strong credit growth and healthy public spending have lifted retail sales over recent quarters," Matt Robinson, a Moody's Analytics senior economist, said today.
By goods category, the fastest sales growth was for gold and silver jewelry, which grew 54.9 percent year on year, followed by furniture, cultural and office appliances and autos.
The rise of the consumption sector echoed the changing consumption patterns of Chinese consumers from daily necessity as China's middle class and affluent families grow in number, said Robinson.
In September, retail sales in rural areas grew faster than in urban areas, thanks to accelerating income growth for the rural households.
The September retail sales of 1.35 trillion yuan pushed up the total figure for the first three quarters to 11.1 trillion yuan, 18.3 percent more than the same period a year ago.
The rapid retail growth, together with a 3.6 percent inflation in September, may lay ground of a slow-down in the future, economists said.
"The rapid growth of the retail sector actually strengthened the authorities' expectation of higher inflation risk," said Lu Zhengwei, an Industrial Bank senior analyst.
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