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China's retail sales jump 20.2 percent: govt
Shanghai (AFP) March 12, 2008 Chinese retail sales jumped 20.2 percent in the first two months of the year, the government said Wednesday, driven to what analysts called an 11-year high by steep inflation and heavy holiday spending. The National Bureau of Statistics data reflected February's Lunar New Year, a period of lavish consumer spending, but inflation, now at levels not seen for nearly 12 years, was a more important factor. "It is not a coincidence that China is running an 11-year high retail sales growth rate, while consumer price index inflation is also at a 11-year record high," said Hong Liang, a Goldman Sachs economist in Hong Kong. Inflation stood at 7.9 percent in the first two months of the year, providing a boost to retail sales, which are calculated in nominal terms and therefore rise when prices go up. For instance, sales of food items rose 31.5 percent in the first two months, reflecting a 20.7-percent spike in food prices in that period from a year earlier. Urban retail sales rose 20.8 percent in the first two months of the year to 1.18 trillion yuan (166 billion dollars), while rural retail sales were up 18.9 percent at 559.1 billion yuan, the statistics bureau said. No separate monthly figures were provided due to the distorting effect of the holiday. China's policy-makers have long complained that consumption is too small and the savings rate too high, and have tried various measures to lift it, including a boost to salaries and rural subsidies. But retail spending has climbed steadily on the back of rising disposable income. "The steady strengthening trend in domestic consumption is well-supported by the persistent strength in household disposable income," said Wang Qian, an economist at JP Morgan in Hong Kong. "The authorities' strategic policy focus to stimulate domestic demand should provide firm support to further unleash domestic consumption strength going ahead," she said. Last year retail sales figures jumped sharply in the third and fourth quarter, but soaring inflation also inflated the figures. Related Links China News from SinoDaily.com
US drops China from list of top human rights abusers
Washington (AFP) March 11, 2008The United States dropped China from its list of the world's worst human rights violaters, but added Syria, Uzbekistan and Sudan to the category in an annual report released Tuesday. |
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