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China:Retail sales predicted to grow at 13% in 2004 |
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2004-12-14
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Over last year, China''s retail sales in 2004 are expected to rise 13 percent to touch 5.2 trillion yuan (US$628 billion) and next year, is likely to reach over 10 percent, the Ministry of Commerce said.
With inflation adjustments, retail sales will be go up by 9.8 percent that is 0.6 percentage points higher than last year''s growth rate, informed Huang Hai, Assistant Commerce Minister.
Retail sales in October rose 14.2 percent year-on-year to 498.3 billion yuan (US$60 billion), compared to a 14 percent rise in September and 13 percent for the first three quarters, the National Bureau of Statistics said last month.
"Next year the total retail sales will keep climbing fast, more than 10 percent higher than this year," Huang said.
Consumers seem to be strong at spending on cars, housing and telecommunications products that have supported the steady growth, Huang said.
"Foreign retailers continue to expand their investment in China and 21 new foreign-funded retail businesses were approved so far this year," Huang said.
In the fourth year of its World Trade Organization membership, lifting of most restrictions on retail business, foreign retailers are expected pick up more shares in China''s retail market.
In the Administrative Measure on Foreign Investment in Commercial Areas issued by the Ministry of Commerce in April, it was made clear these promises will be implemented beginning December 11.
China will abolish joint-venture requirements and end restrictions on the location and number of foreign-funded stores.
Meanwhile, leading foreign retailers such as Wal-Mart, Carrefour and Metro have announced their expansion plans before the critical opening-up date.
Huang said in the new retail mode - chain stores took a greater proportion in the retail sales sector.
Sales of China''s 30 largest chain operators surged by 38 percent in the first half, far outpacing the 12.8-per-cent growth rate of China''s total retail sales.
Telecommunications retail sales surged by 42.8 percent year-on-year in the January-October period, retail sales of cars were up 26.1 percent.
Catering industry sales witnessed a 22.3 percent growth in the first ten months, hitting 596.7 billion yuan (US$72 billion).
In the first ten months, each month saw retail sales exceeding 400 billion yuan (US$48.3 billion) and there was absence of big fluctuations.
The high sales are also a good sign for the healthy growth of the economy, as the central government is trying to cool down investment yet lift consumption, Ren said. |
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