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China’s retail sales growth slows in August

Updated: Sep 14,2017 11:47 AM     Xinhua

BEIJING — China’s retail sales of consumer goods grew 10.1 percent year on year in August, 0.3 percentage points slower than that in July, the National Bureau of Statistics (NBS) said on Sept 14.

Total retail sales of consumer goods in the first eight months rose 10.4 percent year on year to hit 23.2 trillion yuan (about $3.5 trillion), flat with the growth in the first seven months, the NBS said.

Online sales continued to outpace overall retail sales growth, surging 34.3 percent year on year in the first eight months, up from 33.7 percent in the first seven months.

Physical goods sold online expanded 29.2 percent year on year, up from 28.9 percent in the January-July period, accounting for 13.8 percent of total retail sales.

Retail sales in rural areas rose 11.5 percent in August, outpacing the 9.9-percent increase for urban areas.

China is trying to shift its economy toward a growth model driven by consumer spending, innovation and services, while weaning it off overreliance on exports and investment.

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