Chinese retail sales surging ahead

Customers shop for pork at a supermarket in Fuyang, Anhui province, August 9, 2015. Producer prices in China fell to a near six-year low in July while consumer inflation remained subdued, signalling the world's second-largest economy was still facing deflationary pressures and that Beijing has room to further support the sluggish economy. REUTERS/Stringer CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA

Chinese retail sales of consumer goods are rising, reaching a total worth of 2661.1 billion yuan (US$403.9 billion) last month, up by 10 per cent year-on-year nominal growth rate (9.7 per cent real growth rate).

In the first five months of this year, retail sales reached 12,928.1 billion yuan, an increase of 10.2 per cent.

In urban areas, sales in urban areas were up 9.9 per cent to 2,297.3 billion yuan, while in rural areas sales were up 10.7 per cent to 363.8 billion yuan. In the first five months, urban sales were up 10.1 per cent to 11,116.7 billion yuan, and in rural areas were up 10.9 per cent to 1811.4 billion yuan.

Catering services last month were worth 287.8 billion yuan, up by 10.9 per cent, while retail goods realised 4,725.9 billion yuan, up by 10.1 per cent.

For the five months, the national online retail sales of goods and services was 1,808.9 billion yuan, growth of 27.7 per cent. Of this, physical goods earned 1,463.3 billion yuan, up 25.9 per cent and accounting for 11.3 per cent of the total retail sales.