Chinese consumption market remains stable

On August 12, the principal of the Department of Market Operation and Consumption Promotion of the MOFCOM introduced the consumption market operation situation of China in July 2016.

He said that the retail sales of consumer goods in July reached RMB 2.69 trillion, going up 10.2% year on year, 0 .4 percentage points lower than that of the previous month. The actual growth was 9.8% with the price factor excluded. In January-July, the accumulative growth was 10.3% year on year, remaining the same as that in the first half of this year. The actual growth rate of the retail sales of the 5,000 enterprises monitored by the Ministry of Commerce was 0.2 percentage points lower than that in June.

He pointed out the consumption market in July maintained a stable growth and the main features are as follows:

1. Online retail sales maintained a relatively higher growth. In January-July, the online retail sales of the national physical commodities was up 26.1% year on year, 0.5 percentage points slower than that of the first half of this year; its proportion in the total retail sales of consumer goods was 11.6%, remaining the same as that in the first half of this year. In July, the online sales of enterprises monitored by the MOFCOM increased 24.8% year on year; this growth was 22.7, 17.9 and 17.2 percentage points higher than those of department store, supermarket and shopping mall respectively.

2. The growth of living, clothing and travelling commodities increased fast. In July, among the unit sales above national designated size, the consumption related to housing enjoyed a rapid development driven by the rapid increase of the real estate sales. The sales of building materials and furniture went up 15% and 13.6% respectively, 0.8 and 0.2 percentage points higher than those of June respectively. The sales of clothing went up 9.4%, 1.9 percentage points higher than that of June. The automobile market maintained a turnaround momentum and the automobile sales increased 9.2% year on year, among which the new energy automobile was up 162%. However, affected by the flood disaster , the transportation activity was limited and the growth of the sales of oil and products eased 1.6 percentage points compared with that of June.

3. The sales of green intelligent appliance were vigorous. In July, the sales of unit appliance above the designated size increased 11.5% year on year, 3.5 percentage points faster than the same period last year. With the whole nation entering the wide-range high temperature weather, the energy-efficient air conditioning met the sales peak. The sales of the first-class energy consumption air conditioner and variable frequency air conditioner of enterprises monitored by the MOFCOM increased 9.4% and 9% respectively year on year, 0.8 and 0.4 percentage points higher than the sales of air conditioner. The sales of Super Hi-vision 4k TV rose by 8.7% year on year, 6.6 percentage points higher than the sales of TV.

4. The consumption price was stable. In July, CPI was up 1.8% year on year, dropping for a consecutive three months and up 0.2 percentage points month on month. In 36 large and medium size cities monitored by the Ministry of Commerce, the prices of agricultural products were up 1.2% year on year, 3.1 percentage points slower than those in June and down 2.3% month on month. The average wholesale price of pork was RMB25.3 per kilogram, down 4.4% month on month, and up 15.7% year on year. The growth was 16.1 percentage points lower than that of June, narrowing for a consecutive two months. Affected by the heavy rainfall and the high temperature weather, the price of vegetable increased. The average wholesale price of 30 kinds of vegetables at the end of July was RMB3.51 per kilogram, up 3.8% than that of the end of June.

Source: http://english.mofcom.gov.cn/article/newsrelease/significantnews/201608/20160801383736.shtml

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