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Retail sales rise 14.9% in first quarter

(Xinhua)
Updated: 2007-04-19 16:29

China'sretailsales rose 14.9 percentyear-on-yearto 2.12 trillion yuan (275 billion U.S. dollars) in the first quarter of this year, Li Xiaochao, spokesman with the National Bureau of Statistics, said on Thursday.

Li said at a press conference that theretailsales surged 15.3 percent in March, compared with 14.7 percent in the first two months of this year.

Li said the retail sales in cities jumped 15.5 percent to 1.43 trillion yuan between January and March, while the retail sales at or under county level rose 13.7 percent to 685.5 billion yuan.

He noted the revenues of the nation's hotels and restaurants climbed 17.4 percent to 298.4 billion yuan in the first three months.

The China General Chamber of Commerce predicted early this month that China's retail sales will climb 14.5 percent to 8.7 trillion yuan this year.

The chamber said in a report that retail sales will pick up speed this year with the residents' disposable income continuing to rise.

The government has started to offer free compulsory education in all rural areas, and expand minimum allowance, medical and pension insurances across the country.

Li told reporters that the average disposable income of urban residents rose 19.5 percent to 3,935 yuan in the first quarter, while the cash income of rural population jumped 15.2 percent to 1,260 yuan.