China's Retail Sales Rocket in First Six Months of 2002

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Last updated at: (Beijing Time) Friday, July 19, 2002

China's Retail Sales Rocket in First Six Months of 2002

China's domestic retail sales reached about 1,944.8 billion yuan (about 234.3 billion U.S. dollars) in the first six months of 2002, rising 8.6 percent year-on-year, official figures show.

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China's domestic retail sales reached about 1,944.8 billion yuan (about 234.3 billion U.S. dollars) in the first six months of 2002, rising 8.6 percent year-on-year, official figures show.

The National Bureau of Statistics (NBS) announced Thursday thatretail sales in urban areas jumped 9.7 percent year-on-year to 1,229.2 billion yuan (about 148 billion U.S. dollars) in the January-June period, while rural retail sales rose 6.7 percent to reach 715.7 billion yuan (about 86.2 billion U.S. dollars).

NBS figures show retail food sales in the January-June period soared 12 percent year-on-year, retail clothing sales rose by 10.4percent, and other retail commodity sales soared 13.5 percent.

Telecommunication equipment, automobiles, architectural materials as well as furniture were among the retail goods with the highest growth, according to the NBS.

The NBS attributes the steady growth of retail sales to the sound performance of the national economy, the increased incomes of urban and rural residents and the improvement in the purchasingpower of people on low incomes.

In addition, cheaper prices for some commodities since China's entry in the World Trade Organization and a better purchasing environment for shoppers also boosted the current market, according to the NBS.

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