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August retail sales rose in Hong Kong

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As rising incomes and better job prospects boosted consumer confidence, Hong Kong’s retail sales rose 15 percent year-on-year in August, claimed a government spokesman.

The thriving stock market during the month, coupled with further expansion in inbound tourism, have helped retail sales, despite market volatilities arising from the US subprime mortgage crisis.

Retail sales rose to 20.6 billion dollars (2.65 billion US) in August, compared with 21.3 billion dollars in July, up 14.3 percent year-on-year. Electronic goods and photo equipment, jewelry and watches rose the most during the period, government spokesman said.

For the first eight months of the year, total retail sales increased 10.6 percent compared with the same period a year earlier.

Looking forward, the spokesman said consumer sentiment remains upbeat on the back of the strong economic fundamentals, and this would lend support to the retail business going forward.

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