China's retail sales grew 14.2% in October, the fastest pace in five months official statistics showed. Total sales hit RMB498bn (US$60bn) after rising by 14% in September. Sales of food and drink, clothing and household merchandise all rose 18% in October, while purchases of groceries, meat and cigarettes jumped 27%. The rise in spending will be seen as good news from the government, which is counting on Chinese consumers to sustain economic growth as it moves to rein in industrial expansion and cool growth.
Categories