MNI BRIEF: Beijing Consumption Up 3.3%

MNI (BEIJING) - Beijing municipality consumption increased 3.3% y/y between January and August, unchanged from the first seven months of the year, the capital’s data department said on Wednesday. 

While services consumption increased by 7.3% y/y, an acceleration from the previous 7.2%, retail sales decreased 0.9% y/y to CNY910.2 billion, widening from the previous 0.8% decline during January to July. 

The city's industrial added value increased by 6.7% y/y between January and August, a slowdown from the 7.6% growth recorded from January to July.

China’s electric vehicle sales will account for above 50% market share going forwards following July’s purchases surpassing internal combustion engine cars for the first time on record MNI reported recently. (See MNI INTERVIEW: China EVs To Continue Outselling Fuel Cars)