Macro-economy

Retail sales of consumer goods surge 600 times in 60 years

(Chinadaily.com.cn)
Updated: 2009-09-15 22:05

The retail sales of consumer goods have increased to more than 600 times of that in the early days of the founding of the People's Republic of China, according to a Xinhuanet report.

Wang said people working in wholesale and retail sectors as well as hotel and catering industries have increased since 1950 by 6.6 times.

According to a document released by the CGCC and the Nation Commercial Information Center of China, between 1949 and 2008, the gap between the urban and rural per-capita consumption has been narrowing down. The difference between urban retail sales and rural retail sales has shrunk to less than 2.5 times.

Meanwhile, both urban and rural residents' lives have been greatly improved. The Engel coefficient index of urban areas and rural areas have decreased by 19.6 percent and 24 percent respectively from the 1950 figures. Since the reform and opening up of China, a growing percentage of total urban spending has been on clothing, healthcare, transportation, education and entertainment.

Wang said the wholesale and retail sectors increased at an average of 15 percent while the hotel and catering industries had an average increase of 20.7 percent since the reform and opening up.

In the past 60 years, the rapid development in commerce has greatly contributed to the country's economic development and the enhancement of people's lives, Wang said.