Growth rate slows for China retail sales in July
Chinese retail sales in July rose at a slower rate than in June, although the decline was largely attributed to falling sales of new motor vehicles.
Official government retail sales figures include motor vehicles, making it difficult to assess the true trend of ‘real’ retail sales in the market.
Chinese retail sales in July rose by 7.6 per cent year on year, compared to a 9.8-per-cent increase in June. The growth rate was slower than analysts had been forecasting.
July marked the 13th consecutive month of decline in China’s new-car market, affected by the imposition of stricter environmental controls and a generally cooling economy.