Retail sales of consumer goods in China witnessed stable growth in July this year, increasing by 2.5 per cent year on year (YoY) to nearly 3.68 trillion yuan ($512.22 billion), according to data from the National Bureau of Statistics (NBS). Between January and July this year, the figure rose by 7.3 per cent YoY.The consumer market continued to recover and service consumption grew rapidly, an NBS statement said.
"Domestic demand kept growing," NBS spokesperson Fu Linghui told a press conference. "The service consumption, such as summer vacation tourism, picked up markedly, offering significant support for expanding consumption."
Retail sales of consumer goods in China saw stable growth in July this year, rising by 2.5 per cent year on year (YoY) to nearly 3.68 trillion yuan ($512.22 billion), according to official data.
Between January and July this year, the figure rose by 7.3 per cent YoY.
Online retail sales rose by 12.5 per cent in the first seven months this year.
Online retail sales rose by 12.5 per cent in the first seven months this year, and service sales surged by 20.3 per cent, a state-controlled news agency reported.
Fibre2Fashion News Desk (DS)