| 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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