China's Retail Sales Soar 8.2 Percent in April

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Last updated at: (Beijing Time) Friday, May 17, 2002

China's Retail Sales Soar 8.2 Percent in April

China's domestic retail sales reached about 305.22 billion yuan (36.88 billion U.S. dollars) in April, soaring 8.2 percent year-on-year, official figures show.

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China's domestic retail sales reached about 305.22 billion yuan (36.88 billion U.S. dollars) in April, soaring 8.2 percent year-on-year, official figures show.

The National Bureau of Statistics (NBS) announced on Friday that retail sales grew 8.4 percent to 1.31 trillion yuan (about 158.12 billion U.S. dollars) in the first four months of this year.

NBS figures show that retail sales in urban areas jumped 9.4 percent year-on-year to 192.27 billion yuan in April, while rural retail sales grew 6.2 percent to 112.95 billion yuan. Sales growth in urban areas was 3.2 percentage points higher than in rural areas.

NBS attributes the growth of April retail sales to the higher incomes of urban and rural residents. In addition, seasonal sales before the Labor Day on May 1 boosted the current market.

Statistics show that the introduction of a series of regulatory measures such as tax and interest cuts, helped boost the real estate market.

Cheaper prices for domestic automobiles also encouraged consumption. In April, retail sales of automobiles surged about 38. 8 percent year-on-year, the highest for this year.

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