China’s retail sales rise for the first time in 2020
Retail sales in China surprised expectations in August shifting from a negative to a positive figure for the first time this year, according to the country’s National Bureau of Statistics’ (NBS) report released Tuesday.
The nation’s total receipts of retailed consumer goods added 0.5% on an annual basis, to reach 3,357.1 billion yuan, while the same measure for the first eight months of 2020 saw a decline, dipping 8.6% to stand at 23,802.9 billion yuan.
The data for the eight-month period analyzed by different areas showed the retail sales in urban areas reached 2,927.3 billion yuan, up by 0.5% year-on-year, while in rural areas the figure increased by 0.7% to 429.8 billion yuan.
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