China’s retail sales growth slows down
China's retail sales recorded a year-on year increase of 12.2% in April. However, this growth rate was lower than the economists forecast of 13.5%.
The decline in grain prices and increases in home purchase costs contributed to the slowdown in retail sales.
Retail sales amounted to RMB 466.3 billion in April, according to data released by Beijing-based Mainland Marketing Research Co. on behalf of the National Bureau of Statistics.
Retail sales in urban areas rose 13.1% to RMB 313.5 billion in April while sales in rural areas increased 10.4% to RMB 153 billion.