Estimates by the China General Chamber of Commerce project China’s retail sales to jump 14.5 per cent year-on-year to 8.7 trillion yuan (USD 1.13 trillion) this year.
Already, in the first two months of this year, the country’s retail sales jumped 14.7 per cent to 1.45 trillion yuan, according to the National Bureau of Statistics. In 2006, retail sales rose 13.7 per cent to 7.641 trillion yuan.
Retail sales will accelerate with disposable incomes continuing to rise, the chamber stated in a report jointly released with China National Commercial Information Center. The report avers that Chinese incomes will receive further boost as the government is starting to offer free compulsory education in all rural areas, and expand minimum allowance, medical and pension insurances across the country.