China’s retail sales expected to record 9% growth in 2019
Government will upgrade more commercial districts, build more international consumer cities and promote e-commerce to rural areas
It is estimated that retail sales, which indicate the appetite of Chinese consumers, will grow at about 9% in 2019, contributing 65% to GDP growth and continuing to be the engine of growth, said a Ministry of Commerce official, Economic Information Daily reported.
Though consumption growth is under uncertain pressure next year, the general upgrading trend has not changed, said Wang Bin, deputy director of the Market Operation Department at the Ministry of Commerce.
In 2019, the government will upgrade more commercial districts, build more international consumer cities and promote e-commerce to the rural area, Wang said.
For the first three quarters of this year, consumption has contributed 78% to economic growth, according to Zhong Shan, the Minister of Commerce.
