Shanghai's Retail Sales to Hit New High

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Last updated at: (Beijing Time) Wednesday, December 18, 2002

Shanghai's Retail Sales to Hit New High

Shanghai, the biggest industrial and commercial city in China, is forecast to post total retail sales of more than 200 billion yuan (24 billion US dollars) this year.

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Shanghai, the biggest industrial and commercial city in China, is forecast to post total retail sales of more than 200 billion yuan (24 billion US dollars) this year.

According to figures from the Shanghai Municipal Commerce Information Center, the retail volume is likely to reach 204 billion yuan (24.8 billion dollars), an increase of about 9.6 percent over last year.

Retail sales in the city totaled 168 billion yuan (20.4 billiondollars) in the first 10 months this year, up 9.7 percent, or 10.9percent considering the reduction in retail prices, or 0.2 percentage points higher than local economic growth.

Shanghai ranks first in major cities on the Chinese mainland, including Beijing, Tianjin, Guangzhou and Chongqing in terms of retail sales during the 10 months.

Non-state-owned retail businesses overtook state-owned ones during the 10 months by taking a market share of 50.6 percent for the first time in about five decades.

Retail sales by foreign-funded retail companies, firms funded by business people from Hong Kong, Macao and Taiwan, and private domestic retail firms rose by 64 percent, 60 percent and 39 percent respectively.

China has been boosting domestic demand, including consumption,as part of its effort to promote economic expansion.

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