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Robust consumer spending during the October holidays in China reinforces hopes that consumption growth will continue to play a major role in the economic recovery, according to Lu Ting, a Bank of America-Merrill Lynch economist.The firming up of the recovery and the improved outlook for employment have boosted consumer confidence, despite possible threats to economic stability, including a possible widening of the swine flu outbreak, Lu said in an Oct. 6.report.
Selected retail enterprises in China booked sales of 14 billion yuan in the first three days of China's weeklong October holidays, up 15 percent year-on-year, according to data from the Ministry of Commerce. Popular items for purchase during the so-called golden week include big-ticket items such as appliances, jewellery and cars.
China's exports fell 23.4 percent year-on-year in August, with the rate of decline 0.4 percentage point higher than in July. Continuing weakness in exports magnifies the importance of consumption in driving the Chinese economy.
The report said government policies have been geared to support consumption, including subsidies for vehicles and electric appliance purchases, wage increases for retirees and teachers, and increased spending on social security, which is intended to discourage the longstanding Chinese habit of saving excessively for retirement and health emergencies.
Lu also said strong domestic tourism will continue and retail sales growth could pick up further momentum over the remainder of the Oct. 1 to Oct. 8 holiday.
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