China Sees Retail Consumption Boom in May

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Last updated at: (Beijing Time) Friday, June 14, 2002

China Sees Retail Consumption Boom in May

Retail consumption hit a record 320.2 billion yuan in May, an increase of 9.3 percent over the same time last year, according to the State Statistical Bureau (SSB) of China.

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Retail consumption hit a record 320.2 billion yuan in May, an increase of 9.3 percent over the same time last year, according to the State Statistical Bureau (SSB) of China.

Figures released by the SSB show China's seven-day Labor Day holiday boosted public consumption, with tourist and tourism revenue rising by 18.1 percent and 14.9 percent respectively whilethe sales volumes of 128 shopping centers in 31 tourist cities rose by 15.2 percent.

As China's auto market continue to grow, more families bought cars in May. The high temperatures in northern areas gave rise to sales of air conditioners and electric fans. The World Cup and theInternational Children's Day also boosted sales of televisions, souvenirs and toys.

China has seen a boom in chain stores in recent years, which has been an important driving force in consumption.

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