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  16th Party Congress  
     
     
  Retail sales in China grow 8.8% in August (09/16/2002)

China's retail sales growth rose slightly in August to 8.8 percent from the same month last year, the National Bureau of Statistics said Monday.

The growth rate was slightly higher than the 8.6 percent in July and 8.7 percent in June, but still lower than the 9.3 percent in May.

The trend in slowing retail growth is also reflected in the continued drop in consumer prices.

Chinese consumer prices dropped for the 10th successive month in August, declining by 0.7 percent from last August.

The slight increase in spending in August was a result of increased spending on entertainment and gifts by students during their summer holiday and on purchases for goods needed by students for the new school year, the bureau said.

In August, retail sales of edible products grew by 15.3 percent year-on-year, while retail sales of clothes increased by 15.2 percent and sales of consumer goods grew by 24.6 percent, the bureau said.

Sales of shoes and hats grew by 16 percent from a year earlier, against growth of 10 percent at the same time in 2001.

Spending in the countryside, however, continued to grow at a slower rate than spending in the cities. Urban retail sales during August grew 9.9 percent year-on-year while retail sales in rural areas grew by 6.9 percent, the bureau said.

 
     
     
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Jiang Zemin, in his report to the 16th National Congress of the Communist Party of China, said the Party's door is open to all positive factors of the society, including private entrepreneurs, foreign-invested firm employees, self-employed businessmen and freelance professionals, he also said that the Party should advance with the times. What's your opinion?

 
     
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