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Old 14th November 2007, 07:49 AM
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Sales of clothes, electronics and automobiles jumped more than 30 percent

This is for the whole China, i'm not surprised if major cities will see rise of 30% or more. No wonder commodities prices are skyrocketing.


http://bloomberg.com/apps/news?pid=2...B8&refer=china

China's Retail Sales Grow at Fastest Pace Since 1999 (Update4)

By Nipa Piboontanasawat
Enlarge Image/Details

Nov. 14 (Bloomberg) -- China's retail sales rose at the fastest pace in eight years as consumers in the world's fastest- growing major economy got richer and inflation accelerated.

The 18.1 percent increase in October from a year earlier to 826.3 billion yuan ($111 billion) topped 17 percent growth in September, the statistics bureau said today. It was the biggest gain since 1999, when the government started releasing the data. The median forecast of 21 economists was for unchanged growth.

Sales of clothes, electronics and automobiles jumped more than 30 percent, lifting revenue for Wal-Mart Stores Inc., the world's biggest retailer, and SAIC Motor Co., China's largest carmaker. Rising consumer spending also is fueling inflation that accelerated last month to 6.5 percent on food shortages.

``This growth has a lot to do with inflation but demand is also strong,'' said Chen Xingdong, chief China economist at BNP Paribas SA in Beijing. ``Looking ahead, consumption should keep improving and that will be accompanied by inflation -- you can't expect to only have good things.''

Sales of meat, poultry, eggs, grain and edible oil surged more than 45 percent in October from a year earlier. Spending on clothing and shoes jumped 33 percent. Automobile sales climbed 36 percent. For household electronics, the gain was 31 percent.

Inflation's `Major Role'

``Inflation played a major role in increasing retail sales in recent months,'' said Henry Li, an economist at Core Pacific- Yamaichi International Ltd. in Hong Kong. ``Consumer demand is also rising steadily on the back of surging stock prices and government policies to boost incomes.''

Li estimated inflation contributed about a quarter of the increase in retail sales, mainly because of higher food costs. October's rise in consumer prices from a year earlier matched August's decade high of 6.5 percent. Consumer prices for non-food goods increased only 1.1 percent last month.

Property and stock-price gains encourage spending.

The CSI 300 Index of shares has soared more than 150 percent this year, climbing 4.2 percent today in the biggest gain since August. House prices in 70 major cities rose 9.5 percent from a year earlier in October, the fastest pace since 2005, the government said today.

Wal-Mart's China revenue rose 45 percent in the third quarter from a year earlier as the company added six stores, the Bentonville, Arkansas-based retailer said yesterday. Wal-Mart said in July that it plans to double its outlets in China, where the economy has grown more than 11 percent for the past three quarters.

Fatter Wallets

China has boosted minimum wages, expanded welfare payments and reduced interest-income tax to fatten consumers' wallets. For the first 10 months, retail sales climbed 16.1 percent from a year earlier to 7.2 trillion yuan.

Disposable incomes among urban households, after adjusting for inflation, rose 13.2 percent in the first nine months from a year earlier to 10,346 yuan ($1,390). Earnings in rural areas climbed 14.8 percent to 3,321 yuan.

At the twice-a-decade Communist Party congress last month, President Hu Jintao pledged to increase incomes among rural poor and boost the role of consumption in the economy.

Spending in towns and cities jumped 18.6 percent in October from a year earlier while rural sales increased 17.1 percent, the statistics bureau said.

To contact the reporter on this story: Nipa Piboontanasawat in Hong Kong at npiboontanas@bloomberg.net
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Old 14th November 2007, 12:02 PM
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Re: Sales of clothes, electronics and automobiles jumped more than 30 percent

Bloody 100 Bucks a year peasants! Don't they know their place? :p
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