China slowdown continues
Retail sales growth in China continues to lose pace.
Figures released by the National Bureau of Statistics on Tuesday show retail sales rose 11.6 per cent in September, year on year.
That marks the fourth straight monthly decline in the growth rate and the lowest rate since the Global Financial Crisis – although retailers in more developed markets like Singapore and Australia would be delighted with such a rate in their home markets.
During the first nine months of 2014, China’s retail sales increased by 12 per cent to 18.92 trillion yuan, or US$3.08 trillion.
The big bright point in the month was the stellar increase in online sales year-on-year – up 49.9 per cent to 1.82 trillion yuan in the first nine months.
The NBS said per capita disposable income in China rose 10.5 per cent during the nine months, but that rate was just 8.2 per cent after taking inflation into account.