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China’s Golden Week Posts ‘Robust’ Retail Sales

Oct 10, 2011 6:13 AM   By Avi Krawitz
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RAPAPORT... China’s retail sales proved robust over the National Day Golden Week festival that started on October 1, according to a Commerce Ministry statement reported on by Bloomberg News. Spending at shops and restaurants surveyed by the ministry grew 17.5 percent from 2010 to $109 billion (CNY 696.2 billion). 

Growth was in line with that seen in China’s retail sector this year. The most recent data by the National Bureau of Statistics of China shows total retail sales rose 17 percent year on year to $232 billion (CNY 1,470 billion) in August while sales in the first eight months of the year grew 17 percent $1.8 trillion (CNY 11.5 trillion).

Gold, silver and jewelry sales rose 44 percent to $2.36 billion (CNY 15 billion) in August and by 48.7 percent to $19 billion (CNY 120.2 billion).

Tags: Avi Krawitz, Bloomberg, China, Golden Week, retail
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