China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: RealMuLan who wrote (1484)	11/17/2003 5:29:43 PM
From: RealMuLan	Read Replies (1) of 6370

China retail sales rise at fastest in 2 years By James Kynge in Beijing Published: November 17 2003 6:20 \| Last Updated: November 17 2003 18:52 China recorded its highest monthly increase in retail sales for two years in October as emergent inflation lifted the value of sales and a national holiday drew droves of shoppers on to the streets. Retail sales grew 10.2 per cent in October compared with the same month a year ago, a considerable increase on the 8.5 per cent growth recorded during the first nine months of this year and the 8.8 per cent increase seen in 2002, according to National Bureau of Statistics figures. Economists said there were both structural and one-off reasons for the rise. Underpinning the activity was a consumer credit revolution that started with booming demand for mortgages five years ago, and has spread to car and education loans since. Credit card use is also growing. Car sales jumped more than 48 per cent in October from a year earlier. Furniture sales climbed 40 per cent, while sales of home appliances and audio-video gear rose 21.5 per cent - all driven by the burgeoning home-owning population. The renminbi value of retail sales was boosted by the return of modest inflation to China. The consumer price index, a key measure of inflationary pressures, climbed by 1.8 per cent in October, the largest monthly expansion in six years. In addition, a "golden week" holiday in October may have accelerated shop sales. The main reason for the price increases was a 5.1 per cent climb in food prices in October, due to emerging shortages of certain grains and fodder. The price of pork, a bellwether in a rural economy that raises about 400m pigs, has been rising steadily for months. Consumer prices rose by 0.8 per cent in the first 10 months. news.ft.com

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