The Chinese Ministry of Commerce predicted in its latest report that the retail volume of China's social consumer goods this year will grow around 12.8 percent.

Figures show the retail volume of social consumer goods in the first three quarters this year reached 4.508 trillion yuan (556.5 billion US dollars), up 13 percent year on year, the fastest growth since 1997.

The retail volume of social consumer goods in the first three quarters accounted for 42.4 percent of China's gross domestic product, up 1.3 percentage points from the same period last year, the ministry said.

The ministry also expected the consumer price index this year to rise within 2 percent year on year.

In the first nine months, the retail sales of China's catering sector grew 17.3 percent year on year, accounting for 13.7 of the total consumer goods retail. This was the fastest growth rate in history, the ministry said.

Source: Xinhua