MNI BRIEF: Service Consumption Maintains Rapid Growth - MOFCOM

China’s retail sales of services rose 5.1% y/y in the first eight months, easing slightly from 5.2% growth in January-July, the Ministry of Commerce said Monday, with the increase supported by strong summer demand for tourism and leisure sports.

The 3.6% year-on-year growth in retail sales of goods last month was supported by the trade-in scheme, with sales of furniture, home appliances, stationery and office supplies, and communication equipment rising by 18.6%, 14.3%, 14.2% and 7.3% respectively.  

Online sales, green consumption including new energy car sales, as well as spending by inbound tourists continued to expand, the ministry said. (See MNI: China To Bolster Service Consumption With Greater Supply)