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China's retail sales up 8% in 2019

Updated: Jan 17,2020 10:44 AM    Xinhua

BEIJING — China's retail sales of consumer goods, a major indicator of consumption growth, rose 8 percent year-on-year in 2019, the National Bureau of Statistics (NBS) said on Jan 17.

Sales of the consumer goods totaled some 41.16 trillion yuan (about $5.99 trillion) last year. In December, the indicator rose 8 percent year-on-year.

Retail sales in rural areas rose 9 percent, outpacing the 7.9-percent expansion in urban areas.

Online sales continued to report robust expansion, with a year-on-year increase of 16.5 percent to top 10 trillion yuan in 2019, NBS data showed.

Consumption remained the Chinese economy's top growth driver, with its contribution to GDP expansion at 57.8 percent.

The data released on Jan 17 pointed to China's ongoing consumption upgrading, as the country's large retailers of cosmetics, telecom equipment, sports and entertainment products posted faster sales growth than their peers.

NBS director Ning Jizhe expected consumption to further play its fundamental role in powering China's economic growth in 2020 as consumers' willingness to spend picks up with their rising incomes, market reforms and the enhanced supply of quality products and services.