China retail sales grew 6.7% YoY in January, February

Online retail sales grew 10.2% year-on-year, according to NBS.

Total retail sales in China increased by 6.7% year-on-year in January and February, reaching around $1.2t (CNY7.4t), according to the National Bureau of Statistics (NBS).

In a statement, the NBS said the figure was five percentage points higher than December 2021 or 2.8 percentage points higher than the average two-year growth rate of 2021.

Per sector, the retail sales of goods reached $1t (CNY6.67t), increasing 6.5%, whilst catering grew 8.9% to $121.3b (CNY771.8b).

China also saw an increase in the sales of gold, silver, jewellery, household appliances and audio-video equipment, and cultural and office supplies by enterprises above the designated size rose 19.5%, 12.7%, and 11.1%, respectively. The NBS also said that sales of daily necessities, and of grain, oil and food rose by 10.7% and 7.9%, respectively. 

Meanwhile, online retail sales reached around $307.5b (CNY1.96t), increasing by 10.2% YoY. The online retail sales of physical goods which totalled $257.4b (CNY1.6t) or a 12.3% rise, accounted for 22% of total sales of consumer goods.

Aside from this, China’s industrial production also registered a 7.5% YoY growth in the first two months of the year, whilst the service sector continued to recover, with the Index of Services Production increasing by 4.2% YoY.

The NBS also said that the investment in fixed assets, excluding rural households, reached $798b (CNY5.1t), posting a 12.2% YoY increase. Total value of imports and exports of goods also rose by 13.3% YoY in January and February, reaching around $975.4b (CNY6.2t).

It added that employment stability was “generally maintained” and the surveyed unemployment rate was “basically stable, with employed people in  urban areas totalling 1.63 million, whilst the urban surveyed unemployment rate in February was at 5.5% which is 0.2 percentage point higher than January, similar to the same period last year.

Consumer price increased by 0.9% YoY in January and February, whilst producer prices for industrial products for the first two months rose 8.9% YoY.

“Generally speaking, in the first two months, the economy enjoyed a good recovery momentum. However, we must be aware that the external environment is still severe and complicated, and the national economic development is faced with mounting risks and challenges,” the NBS said.

$1 = CNY6.36