China's consumption growth to hit 8.2% in H1: MOC

Xinhua
China's consumption growth is expected to reach 8.2 percent in the first half of the year, remaining at medium-high speed, a commerce official said Tuesday.
Xinhua

China's consumption growth is expected to reach 8.2 percent in the first half of the year, remaining at medium-high speed, a commerce official said Tuesday.

The country's consumption market has maintained overall stability so far this year, with the total retail sales of consumer goods up 8.1 percent year on year in the January-May period, Wang Bin, deputy director of the Department of Market Operation and Consumption Promotion of the Ministry Of Commerce, said at a news conference.

Attributing the stable growth to a slew of policies and measures, Wang expected a continuation of steady performance in June.

Specifically, online retail sales of physical commodities registered a notable 21.7-percent year-on-year increase in the first five months, accounting for 18.9 percent of the total retail sales, while various everyday consumer goods' retail sales saw double-digit growth, said Wang, adding that the growing inelastic demand signified basic stability of consumption.

Catering revenue rose 9.3 percent from one year earlier, while tourism consumption during holidays saw rapid growth.

The ministry will roll out more policies and measures to further boost consumption according to market changes, Wang added.

Consumption is now the biggest driver of the world's largest developing economy, contributing to over 65 percent of GDP growth in the first quarter of this year.

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