Retail Sales in China
China - Retail Sales
Retail sales growth gains steam in September
Retail sales expanded 4.4% year-on-year in September (August: +2.5% yoy). Improved growth in September was likely linked to the taming of the domestic Covid-19 flare-ups which had dampened retail sales in August.
On a monthly basis, retail sales rose 0.3% in seasonally-adjusted terms in September, which was above August’s 0.2% uptick. Meanwhile, annual average growth of retail sales was unchanged at August's 14.4% in September. Looking ahead, soft domestic tourism data during the Golden Week holiday in early October bodes poorly for retail sales in the month, and the risk of further stop-start public health restrictions is an important downside risk.
FocusEconomics Consensus Forecast participants expect retail sales to increase 8.2% in 2022, which is down 0.3 percentage points from last month’s estimate. In 2023, the panel foresees retail sales expanding 8.2%.
China - Retail Sales Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Retail Sales (annual variation in %) | 10.7 | 10.4 | 10.3 | 9.0 | 8.1 |
China Retail Sales Chart
Source: National Bureau of Statistics of China and FocusEconomics calculations.
China Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 3.17 | -0.40 % | Dec 31 |
| Exchange Rate | 6.96 | -0.19 % | Jan 01 |
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Economic News
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China: Industrial output records lowest growth since March 2020 in September
October 18, 2021
Industrial output grew 3.1% compared to the same month of the previous year in September, which followed August's 5.3% increase.
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China: Nominal fixed investment records slowest expansion since December 2020 in September
October 18, 2021
Nominal urban fixed asset investment grew 7.3% in year-to-date terms in September, which was a deterioration from August's 8.9% increase.
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China: Retail sales growth gains steam in September
October 18, 2021
Retail sales expanded 4.4% year-on-year in September (August: +2.5% yoy).
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China: Merchandise exports increase in September
October 13, 2021
Merchandise exports soared 28.1% year-on-year in September, on the heels of August’s 25.6% upturn and overshooting market expectations.
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China: Credit growth eases further in September
October 13, 2021
In September, Chinese banks distributed CNY 1.7 trillion (roughly USD 260 billion) in new yuan loans, up from August’s 1.2 trillion figure. Annual growth in M2 money supply edged up from 8.2% in August to 8.3% in September, while annual growth in the stock of total social financing (TSF)—a broader measure of credit and liquidity in the economy that includes loans, bonds and other non-traditional instruments—was down from 10.3% to 10.0%.
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