China’s retail sales of consumer goods, a major indicator of the country’s consumption strength, climbed 10.1% year on year in November, official data showed. The growth pace accelerated from a rise of 7.6% registered in October, according to the National Bureau of Statistics (NBS).

Retail sales in the country’s urban regions rose 10% year on year last month, while that in rural areas expanded 10.4%.

Total retail sales of consumer goods topped CNY 42.79 trillion (about US$ 6.03 trillion) in the January-November period, up 7.2% from one year earlier, according to the NBS. By consumption types, the retail sales of clothing, foot & head wear and knitted goods totaled CNY 1.26 trillion, up by 11.5% year-on-year. In November alone, its retail sales amounted to CNY 150.3 billion, growing by 22.0% year-on-year.

Online retail sales jumped 11% year on year to CNY 13.96 trillion in the first 11 months. In particular, online retail sales of physical goods rose 8.3% year on year to CNY 11.77 trillion, accounting for 27.5% of the total retail sales of consumer goods.

On expanding domestic demand, efforts should be made to stimulate consumption with potential and expand productive investment to create a virtuous cycle of mutual promotion between consumption and investment, according to the annual Central Economic Work Conference.

Source: CHINA TEXTILE LEADER Express