Retail sales growth during China’s National Day holiday slowed compared to last year, Reuters reported, citing figures released Monday by China’s Ministry of Commerce. Consumer confidence, however, remained strong. Retail sales climbed 15% during the eight-day break, down from 17.5% growth during a seven-day holiday a year earlier. Data showed consumers are spending more on tourism. Food and beverage providers in cities such as Shanghai, Tianjin and Qingdao recorded between 15% and 29% growth in revenue. Share prices for travel agents and airlines also increased last week. China Travel International Investment Hong Kong (0308.HKG) saw its share price reach a six-week high. China Eastern (CEA.NYSE, 600115.SH) gained 1.6%, China Southern (ZNH.NYSE, 600029.SH, 1055.HKG) rose 4% and Air China (AIRC.LON, 601111.SH, 0753.HKG, AD2.FRA) shares climbed by 1.2%. Retail and catering sector revenues totaled US$127.4 billion, up from US$110.7 last year.
China Economic Review