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China’s retail sales up 10.2% in November

Updated: Dec 14,2017 2:43 PM     Xinhua

BEIJING — China’s retail sales of consumer goods grew 10.2 percent year on year in November, up from 10 percent registered in October, official data showed on Dec 14.

Combined sales in the first 11 months rose 10.3 percent to 33.15 trillion yuan (about $5 trillion), flat from the January-October pace, the National Bureau of Statistics said on its website.

The steady growth was partly due to booming online sales, which surged 32.4 percent year on year in the first 11 months.

In the same period, retail sales in rural areas rose 11.9 percent, outpacing the 10-percent expansion for urban areas.

Booming retail sales are behind China’s stabilizing economy, which grew 6.9 percent in the first three quarters.

China is trying to shift its economy toward a growth model driven more by consumer spending, innovation and services while weaning it off over-reliance on exports and investment.