China: 4.9% Increase in Retail Sales in October

Data released by the National Statistics Authority Monday showed a 4.9 percent year-on-year increase in China’s retail sales of consumer goods in October.

The total value of retail consumer goods sales in the country reached about 4.05 trillion yuan (about 633 billion US dollars) in October, the authority said.

The authority added that the figure increased by 9.4 percent from October of 2019, making the average growth during the past two years to 4.6 percent.

From January to October, China’s retail sales of consumer goods reached 35.85 trillion yuan, up 14.9 percent year on year.

The figure in October reflects the resilience of China’s consumption recovery, highlighting a steady recovery in sales of consumer goods, as well as strong domestic momentum and new consumption models that support growth, said Fu Linghui, a spokesman for the authority.

The data showed that China’s online retail sales rose 17.4 percent year on year in the first ten months to about 10.38 trillion yuan.