The retail sales of the accommodation and catering industry in
China saw an 18
percent growth in July to score 92.3 billion yuan (US$12.1 billion)
of business?turnover over the same month of 2006, according to
the latest figures revealed by the Ministry of Commerce.
From January to July this year, the accommodation and catering
industry maintained robust?growth momentum, with the retail
sales?surpassing 673 billion yuan, up 18 percent on a yearly
basis, which accounted for 13.7 percent of the nation's total
consumption volume.
The nation's consumer price index in July set a 33-month high of
5.6 percent and foodstuffs were priced 15.4 percent higher than the
same period last year, helping to push the country's accommodation
and catering consumption to a new high.
In recent years, investment constituted a much bigger share of
the nation's?gross domestic product?growth, while the
consumption was relatively weak. This has become a key concern for
the government. Against this backdrop, the government has taken
measures to boost domestic consumption.
During the first half of this year, the nation's investment
growth rate has slowed down by 3.8 percent and the consumption
growth rate increased by 2.1 percent compared with last year, said
Xie Fuzhan, director of the National Bureau of Statistics.
The strong consumption indicated the investment and consumption
were favorably coordinated this year due to the efforts of the
government's policy in boosting domestic consumption, said Qi
Jingmei, an analyst with the State Information Center.
Qi held that traditionally the fourth quarter is a peak season
of consumption, so the country's consumption volume may continue
its rapid growth momentum till the end of the year.
(Xinhua News Agency August 20, 2007)
