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China's retail sales growth to top 13 pct

Source:   Time:

BEIJING, Dec. 9 (Xinhua) -- China's retail sales of consumer goods will grow by more than 13 percent year on year for 2013, an official said Monday.

The growth will be in a range of relatively fast expansion as seen in the past decade, Minister of Commerce Gao Hucheng told Xinhua.

China's retail sales grew from 9.4 trillion yuan in 2007 to 21 trillion yuan in 2012, with an annual average increase of 17.6 percent.

Retail sales in the first 10 months of 2013 grew at 13 percent, 1.1 percentage points slower than the same period last year, according to data from the National Bureau of Statistics.

Although the growth rate has slowed slightly, demand in the consumption market will rise, Gao said, citing some service sectors, such as care for the elderly, tourism and culture.

Gao predicted that a boost in the final two months would see whole-year growth above the 13 percent mark.

By 2015, retail sales may reach 30 trillion yuan (about 4.9 trillion U.S. dollars). The country is likely to meet its target of an annual growth rate of 14 percent for retail sales during the 2011-2015 period, he said.

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