China’s retail sales beat expectations
Rising consumer spending propelled
China's retail sales up 12.8% year on year in May, exceeding market expectations.
Retail sales amounted to RMB 489.9 billion (around $59 billion) in May, according to data released by Beijing-based Marketing Research Co. on behalf of the National Bureau of Statistics.
Retail sales in urban areas rose 13.9% to RMB 332.6 billion, while sales in rural areas increased 10.5% to RMB 157.3 billion.