Retail sales jump 14.7%
15 March 2007
China's retail sales in January and February grew at the fastest pace in more than two years as rising incomes boosted spending on food, cars, electronics and clothing. Bloomberg reported sales for the two months combined rose 14.7% to US$187 billion after gaining 14.6% in December, citing the National Bureau of Statistics. The government has raised minimum wages and increased welfare spending to boost consumption and reduce the economy's dependence on exports and investment. General Motors China contributed to the jump with a 48% increase in vehicle sales. Sales of household appliances rose 22% and clothing sales increased 28% , the statistics bureau said. Meat and egg sales gained 33%.
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