China's retail sales up 10.7 pct in April

BY  | FROM  | 2017-05-15 15:03

China's retail sales, a key indicator of consumption, grew 10.7 percent year on year in April, 0.2 percentage points slower than the March level, official data showed Monday.
Total retail sales of consumer goods hit 2.73 trillion yuan (about 395.4 billion U.S. dollars) last month, according to the National Bureau of Statistics (NBS). It increased 0.79 percent month on month.
In the first four months, total retail sales of consumer goods rose 10.2 percent year on year, 0.2 percentage points faster than the growth in the first quarter, according to Xing Zhihong, a spokesperson with the NBS.
Consumption activities were relatively stronger in rural areas, with retail sales expanding 12.6 percent in April, outpacing urban areas, where retail sales climbed 10.4 percent year on year.
Online spending was robust. From January to April, online retail sales surged 32 percent year on year to 1.92 trillion yuan.
Xing said the April figure indicates continued expansion of domestic consumer demand, which was partly driven by consumption upgrades and new business patterns such as online sales.
China is trying to shift its economy toward a growth model driven by consumer spending, innovation and services, while weaning it off reliance on exports and investment.
China's economy expanded at a 6.9-percent pace in the first quarter, accelerating from 6.8 percent in the previous quarter, and 77.2 percent of it was driven by consumption, 12.6 percentage points higher than the 2016 level, according to official data.

    Related News

      Financial Times

    • Fed fears market misreading of guidance
    • The US Federal Reserve is keen to revamp its forward guidance about future interest rates but terrified of a market misunderstanding, according to the minutes of its September meeting

      Reuters

    • Asian shares rebound after Fed renews dovish credentials
    • Asian shares bounced back and the dollar fell on Thursday after minutes of the U.S. Federal Reserve's latest policy meeting showed policymakers have some concerns about downside risks to the global economy and the dol...

      USA TODAY

    • Nigeria succeeds at containing Ebola
    • People here are shaking hands again, kissing, hugging, touching. These days, shops are open, people are working, and children are finally going back to 
      school
    Chinese Dictionary: