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China Retail Sales May Grow 12.5% in 2021: Daily

CHINA PRESS
MNI (Singapore)

China's consumption will continue to recover steadily in October and the annual retail sales is expected to total CNY44 trillion, a gain of 12.5% y/y or about 8% over 2019 before the pandemic, the Securities Daily reported citing an official from the Ministry of Commerce. The ministry will promote consumption in the upcoming week-long holiday in October as well as the year-end sales season, the daily said citing Wang Bin, deputy director of the Department of Consumption Promotion. The ministry will stabilize the sales of big-ticket items including automobiles, home appliances and furniture as well as catering, which account for one-fourth of retail sales, mainly by encouraging the replacement of old products and expand the consumption of used cars, the daily cited Wang as saying.

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