Re­tail sales up 9.5% in first two months

China Daily (Canada) - - NEWS CAPSULE -

China’s re­tail sales rose 9.5 per­cent year-on-year in the first two months of the year, miss­ing mar­ket ex­pec­ta­tions of 10.6 per­cent, of­fi­cial data showed. It was the first time growth fell be­low 10 per­cent in 11 years.

The Na­tional Bureau of Sta­tis­tics (NBS) at­trib­uted the slower growth to cool­ing auto sales, which fell 1 per­cent from a year ear­lier af­ter the coun­try raised pur­chase tax rates on small cars from 5 per­cent to 7.5 per­cent this year.

Af­ter de­duct­ing the auto sales fac­tor, China’s re­tail sales ex­panded 10.2 per­cent dur­ing the pe­riod, flat com­pared with the in­crease regis­tered in the same two months last year.

Re­tail sales of con­sumer goods to­taled $840 bil­lion (5.8 tril­lion yuan) dur­ing the Jan­uary-Fe­bru­ary pe­riod, ac­cord­ing to NBS data.

China is try­ing to shift its econ­omy to­ward a growth model driven more by con­sumer spend­ing, in­no­va­tion and ser­vices while wean­ing it off re­liance on ex­ports and in­vest­ment. (Photo 2)

QI HENG / XIN­HUA

A vol­un­teer helps to com­plete a health check of an en­dan­gered Yangtze por­poise at a na­ture re­serve in Hubei prov­ince. The species is known as a fin­less por­poise be­cause it lacks a dor­sal fin. The fin­less por­poise has about a decade un­til ex­tinc­tion un­less it is el­e­vated to the na­tion’s top­class pro­tected species list, na­tional po­lit­i­cal ad­vis­ers from the prov­ince warned.

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