CHINA: Government expects slower growth through to 2015
The Chinese government has scaled down the country's consumer goods growth target for the next five years as part of its latest development plan for domestic trade.
China expects retail sales of consumer goods to reach CNY32trn (US$5.05trn) by 2015, with a 15% annual growth rate, according to the 12th Five-year (2011-2015) Development Plan for Domestic Trade.
The target is 1.1 percentage points lower than what the country has seen in the past ten years, when the average growth rate was 16.1%. Retail sales of consumer goods reached CNY18.4trn in 2011.
As China's export-driven model is facing increasing pressure from the global economic downturn, the government aims to boost domestic consumption to balance its economy.
The plan, which was released today (10 September), aims to create 130m new jobs by 2015, with 5m job opportunities added every year.
Retail sales rose 14.1% to reach CNY1.31trn between January and August, according to the National Bureau of Statistics. This was 0.1% lower than the growth rate between January and July.
Retail growth in mainland China has been slowing since December last year, with clothing sales rising 20.2% in June, compared to 26.7% in December. Total retail growth fell to 13.7% in June, compared to 18.1% in December.
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