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Daily News

China Retail Sales to Grow by 11 Percent
Aug 25, 2006
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China's retail sales are expected to continue to expand by 11 percent annually through 2010, according to a ShanghaiDaily report.

The Ministry of Commerce set the yearly goal for retail sales growth as the government ramps up efforts to boost consumption.

The ministry aims to raise employment in the domestic trade sector to 71 million people by 2010, representing 5.2 percent of the country's total population.

China's retail sales rose 13.7 percent in July from a year earlier to 601.2 billion yuan (U.S. $75 billion) after climbing 13.9 percent in June, the National Bureau of Statistics reported this month. Combined sales in the first seven months reached 4.25 trillion yuan, up 13.4 percent year on year.

The government has raised minimum wages and increased spending to improve education, welfare and health care to boost domestic demand and reduce the economy's heavy reliance on investment and exports.

The Ministry of Commerce also plans to help grow 15 to 20 retail giants with nationwide networks and competence in the global market. For example, Gome Appliance, China's biggest home appliance chain, gained 30.3 billion yuan in the first half, up 54.8 percent year on year. The Beijing-based retailer ranks second among all retail companies in China.

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