BEIJING — China’s consumption market will continue to expand and upgrade as the economy stabilizes, the Ministry of Commerce (MOC) said on Aug 15.
China’s retail sales of consumer goods grew 8.8 percent year-on-year in July, narrowing from the 9-percent rise seen in June, data from the National Bureau of Statistics showed.
The data pointed to stable growth momentum, with online sales of physical goods registering rapid growth, the MOC said in an online statement.
In July, growth in sales of petroleum products and consumer goods was faster than the same period last year, while declines in growth of auto sales narrowed compared with June, the statement said.
As the economy maintains stable growth with improved structure and higher quality, the consumption market will keep its growth momentum in the future, it said.