LINE

Text:AAAPrint
Economy

China's 2015 retail sales to rise 10.7%, slower than in 2014

1
2015-12-18 08:53Global Times/Agencies Editor: Li Yan

China's retail sales, a key gauge of domestic consumption in the world's second-biggest economy, are likely to post slower growth this year compared with 2014, the Ministry of Commerce (MOFCOM) said.

Retail sales may expand around 10.7 percent in 2015, Shen Danyang, spokesman of the MOFCOM, told a news conference in Beijing on Thursday, without giving a reason.

Retail sales rose 12 percent last year.

The domestic consumer market was stable this year and it gained momentum in recent months, Shen said.

In November, retail sales increased by an annual 11.2 percent - the strongest monthly expansion this year, data from the National Bureau of Statistics (NBS) showed on December 12.

With November featuring the online-shopping frenzy Singles' Day, total retail sales stood at 2.79 trillion yuan ($434 billion) last month, according to the NBS.

In the 11 months ending November, total sales rose 10.6 percent from a year earlier to 27.23 trillion yuan, unchanged from the growth for the first 10 months.

Strong retail sales indicate that pro-consumption policies are taking effect.

It also offers relief for policymakers as they try to restructure the economy to a more consumption- and service-driven model to sustain growth, albeit at a slower rate.

China's external outlook remains gloomy, many companies say.

Chinese companies said global demand this year was worse than that during 2008-09 financial crisis, according to a recent survey by the MOFCOM of more than 6,000 firms in 70 key industries.

Subdued external demand, rising costs, slowing investment growth and the yuan's appreciation have all weighed on China's trade performance this year, Shen said.

"Feedback from firms showed foreign trade was extremely difficult this year," he said.

China's net exports are likely to contribute around 12.3 percent to the increase in the country's GDP this year, according to Shen. The estimate is based on data from a research unit under his ministry.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.