China’s retail sales of consumer goods grew 10.2 percent year on year in July, down from the 10.6-percent growth in June, official data showed on Friday.
Total retail sales of consumer goods stood at 2.7 trillion yuan ($405 billion) in July, according to the National Bureau of Statistics (NBS). In the first seven months of this year, China’s retail sales of consumer goods rose 10.3 percent year on year to 18.3 trillion yuan.
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Retail sales in rural areas expanded by 10.7 percent year on year in July, outpacing the 10.1-percent rate for sales in urban areas.
From January to July, online sales surged 27.5 percent year on year to 2.6 trillion yuan.
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.
(Source: China Daily)