Continuous Recovery of the Chinese Consumer Market

The consumer market in China recorded a continuous recovery during April, with total retail sales of consumer goods reaching 3.57 trillion yuan, an annual increase of 2.3 percent. The cumulative total retail sales from January to April rose to 15.6 trillion yuan, reflecting an annual growth of 4.1 percent. According to the Daily Economic News, the consumption of goods saw steady growth in April, with retail sales of goods increasing by 2.0 percent year-on-year. High-quality goods recorded accelerated growth, with retail sales of telecommunications equipment and sports and recreational tools increasing by 13.3 percent and 12.7 percent, respectively. The services sector continued to recover, with the retail sales of services growing by 8.4 percent year-on-year from January to April, surpassing the growth of retail sales of goods by 4.9 percentage points during the same period. Online consumption maintained its rapid growth pace, with online retail sales rising by 11.5 percent year-on-year to reach 4.41 trillion yuan in the first four months of the current year. Retail sales in rural areas grew faster than in urban areas, with retail sales of consumer goods in rural regions increasing by 3.5 percent in April, exceeding urban growth by 1.4 percentage points.