China's Retail Market to Go up: Official Report

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Last updated at: (Beijing Time) Tuesday, September 24, 2002

China's Retail Market to Go up: Official Report

Retail sales growth will continue to accelerate in China in the latter half of the year, according to a report released by the State Economic and Trade Commission (SETC) Tuesday.

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Retail sales growth will continue to accelerate in China in the latter half of the year, according to a report released by the State Economic and Trade Commission (SETC) Tuesday.

In the report on market demand for major capital and consumer goods in the second half of 2002, the SETC said the confidence of consumers will continue to improve as the economy sustains a stable growth for the whole year. The commission said there will be a number of factors in favor of consumption growth, including agrowing demand for higher quality goods in rural areas.

A SETC survey of 600 varieties of major goods found that 88 percent of them will be over-supplied in the latter half of the year.

The SETC said the supply of these goods will continue to be more than demands and the consumer prices will keep falling this year.

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