China's retail sales rise 10.2% in July '16

16 Aug '16

1 min read

Retail sales of consumer goods in China increased by 10.2 per cent year-on-year to 2.7 trillion yuan ($405 billion) in July 2016, according to the data from the National Bureau of Statistics (NBS).

However, the 10.2 per cent growth rate was lower than the 10.6 per cent growth recorded in June 2016.

In July, retail sales of consumer goods in rural areas grew by 10.7 per cent year-on-year, while the growth was 10.1 per cent in urban areas, the data showed.

From January to July 2016, China's retail sales of consumer goods jumped 10.3 per cent to 18.3 trillion yuan. During the same period, online sales shot up by 27.5 per cent to 2.6 trillion yuan.

Currently, Chinese economy is undergoing transition from an export-driven economy to a consumer society. At this juncture, retail sales are contributing significantly to China's economic growth.

Last year, consumption accounted for 66.4 to China's GDP. (RKS)

Fibre2Fashion News Desk – China

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