|Y/Y % Change||10.4%||10.2%|
Retail sales are sales of a physical commodity or the income of catering services sold or provided by enterprises to individuals and social organizations for non-production and non-operation purposes.
Retail sales tend to have a muted impact because the Chinese economy is not heavily reliant on consumer spending. However, the government is trying to stimulate consumer spending to give the economy more balance. To this end, the government put into place a basket of stimulus measures, including government subsidies and tax breaks for home appliances and cars, to expand consumption to sustain the economic growth, which was slowed by a slump in exports amid the global economic downturn.
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