China's Retail Sales of Consumer Goods to Soar 10 Percent Next Year

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Last updated at: (Beijing Time) Monday, December 31, 2001

China's Retail Sales of Consumer Goods to Soar 10 Percent Next Year

China's total retail sales volume of consumer goods will soar 10 percent in 2002, and price rises will be lower than they were this year, according to sources with the State Economic and Trade Commission (SETC).

According to a report issued by the SETC, the volume of retail sales of consumer goods totaled 3.757 trillion yuan (about 453.9 billion U.S. dollars ) this year, 10 percent up from last year's figure, and the growth rate was 0.3 percentage points up.

During the first three quarters, China's overall consumption prices rose 1.4 percent, 1.2 percent and 0.8 percent, respectively. The fourth quarter is expected to show a minus increase, and the average annual rise will be less than 0.7 percent.

Statistics show that China's domestic demand expanded 9.2 percent in 2001, contributing 43 percent to the gross domestic product (GDP) growth.

The report also said that the downturn of China's stock market led to an upswing of domestic savings. And the stock price decrease cut the interest of the 58 million shareholders in China; as a result, domestic consumption and the consumer confidence were also influenced.

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