China: Retail trade moderates as automobile purchasing program concludes
March 11, 2011
In the January-February period, nominal retail sales added 15.8% over the same period last year. The reading was below market expectations of a 19.0% increase and December's 19.1% expansion. The slowdown partly reflects a moderation in automobile sales, which rose only 10.9% (December: +37.2% yoy) after the government ended tax benefits for car purchasing. Moreover, the slowdown in consumption growth was in line with declining levels of consumer confidence seen in recent months.