BUSINESS China's consumption to maintain stable growth: commerce ministry

BUSINESS

China's consumption to maintain stable growth: commerce ministry

Xinhua

00:00, August 16, 2018

China's consumption market will continue to expand and upgrade as the economy stabilizes, the Ministry of Commerce (MOFCOM) said Wednesday.

Customers shop at a store of O2O fresh produce retailer Hemaxiansheng, also known as Hema Fresh Store, of Chinese e-commerce giant Alibaba Group in Guangzhou city, south China's Guangdong province, 29 July 2018. [Photo:IC]

Customers shop at a store of O2O fresh produce retailer Hemaxiansheng, also known as Hema Fresh Store, of Chinese e-commerce giant Alibaba Group in Guangzhou city, south China's Guangdong province, 29 July 2018. (Photo: IC)

China's retail sales of consumer goods grew 8.8 percent year on year in July, narrowing from the 9-percent rise seen in June, data from the National Bureau of Statistics showed.

The data pointed to stable growth momentum, with online sales of physical goods registering rapid growth, the MOFCOM said in an online statement.

In July, growth in sales of petroleum products and consumer goods was faster than the same period last year, while declines in growth of auto sales narrowed compared with June, the statement said.

As the economy maintains stable growth with improved structure and higher quality, the consumption market will keep its growth momentum in the future, it said.

Cover image: Shine.cn

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