15th September 2023 – (Hong Kong) China’s retail sales of consumer goods witnessed a remarkable upswing in August, showcasing the strength of consumption. According to official data released on Friday, retail sales increased by 4.6 per cent year on year, marking a significant acceleration from the 2.5 per cent growth observed in July.
The National Bureau of Statistics (NBS) reported that the total retail sales reached 3.79 trillion yuan (approximately 527.96 billion U.S. dollars) last month. Over the first eight months of the year, the figure exhibited a 7 per cent increase compared to the same period in the previous year.
The NBS highlighted the recovery of the consumer market, attributing it to the rapid growth in service consumption. As the service sector continues to gain momentum, it has played a key role in driving overall consumption and bolstering the economy.
In addition to the robust retail sales, other economic indicators also demonstrated positive trends. China’s fixed-asset investment rose by 3.2 per cent year on year in the first eight months of 2023, as reported by the NBS. Meanwhile, the value-added industrial output, a crucial economic gauge, increased by 4.5 per cent year on year in August. The service production index also saw growth, rising by 6.8 per cent compared to the previous year.
Notable sub-readings within the service sector include a remarkable 16.1 per cent year-on-year surge in accommodation and catering, showcasing strong demand in the hospitality industry. The output of information transmission, software, and IT services climbed by 11.5 per cent, while financial services expanded by 7.2 per cent.
The positive trajectory of China’s retail sales and other economic indicators signifies an encouraging rebound in the country’s consumption-driven growth. These developments bode well for the overall economy and provide optimism for future economic prospects.
