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China's retail sales up 12.9% in May

Xinhua | Updated: 2013-06-09 14:21

China's retail sales growth slightly accelerated in May but was still below the government's target for 2013, suggesting subdued domestic demand, new data showed Sunday.

China's retail sales up 12.9% in May

Retail sales grew 12.9 percent year-on-year to 1.89 trillion yuan ($306.8 billion) in May, picking up from the 12.8-percent rise seen in April, the National Bureau of Statistics said in an online statement.

The growth was slower than the 14.5-percent target the government expects for the full year.

In breakdown, the catering sector reported a 9.2 percent year-on-year rise in revenues, quickening from the 7.9-percent gain recorded in April, while sales of other consumer products increased 13.3 percent.

After being adjusted for inflation, retail sales went up 12.1 percent last month.

After years of rapid growth generated by investment and exports, China has been looking to shift the focus of its economy to consumption to boost growth.

Last year, consumption contributed to about 51.8 percent of China'sGDPgrowth, while fixed-asset investment helped drive around 50.4 percent. Exports took up a negative 2.2 percent, the NBS data showed.

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