Retail sales climb 17.5% during "golden week"

China’s Ministry of Commerce said that retail sales during the country’s seven-day “golden week” holiday were robust, indicating that consumption may continue to drive growth despite a weak global economy, Bloomberg reported. Consumer spending at shops and restaurants rose 17.5% year-on-year during the national holiday week of October 1-7 to US$109 billion. The ministry described food prices as basically stable and supplies as adequate over the period. Higher consumption will be an increasingly important contributor to China’s growth as Beijing clamps down on rising property prices and inflation. “China consumers were upbeat during the golden week,” said Lu Ting, an economist at Bank of America (BAC.NYSE, 8648.TYO). “We expect China’s consumption growth to remain stable, backed  by rapid wage growth, relatively stable confidence in the domestic economy and the rapid accumulation of wealth of Chinese households.”