China’s retail sales rise 0.7% in July

China’s retail sales of consumer goods grew by 2.7 per cent year-on-year in July, totaling almost 3.78 trillion yuan ($528.82 billion), as reported by the National Bureau of Statistics (NBS). This marks a 0.7 percentage point increase from June.

Urban retail sales totaled 3.27 trillion yuan, up 2.4 per cent year-on-year, while rural retail sales reached 506.6 billion yuan, increasing by 4.6 per cent. Catering revenue climbed three per cent year-on-year to 440.3 billion yuan in July.

In the first seven months, retail sales rose 3.5 per cent year-on-year to over 27.37 trillion yuan. Online retail sales surged 9.5 per cent year-on-year, while services consumption also performed well, expanding 7.2 per cent year-on-year.

Attribution: National Bureau of Statistics of China (NBS) report

Subediting: M. S. Salama