MOFCOMDepartment of Market Operation and Consumption Promotion Comments on theConsumption Market Operation Situation in July 2018
OnAugust 15, the Head of the MOFCOM Department of Market Operation andConsumption Promotion introduced the consumption market operation situation ofChina in July 2018.
According to the State StatisticsBureau, the total retail sales of consumer goods in July amounted to 3073.4billion yuan, up 8.8% year on year, 0.2 percentage points lower than that ofJune. The total retail sales of consumer goods from January to July rose by9.3%. The sales of 5,000 key enterprises monitored by MOFCOM increased by 4.6%in July year on year.
The official from MOFCOM Departmentof Market Operation and Consumption Promotion pointed out that China’sconsumption market witnessed a steady growth with the following five features:
First, the online retail sales ofnational entity maintained a rapid growth. According to the National Bureau ofStatistics, the online retail sales of national entity from January to Julyincreased by 29.1% year on year, 0.2 percentage points higher than that of thesame period last year. It accounted for 17.3% of the total retail sales ofconsumer goods, 3.5 percentage points higher than that of the same period lastyear. In July, the sales of online retail enterprises closely monitored byMOFCOM rose by 22.8% year on year, 20.9, 18.5 and 18.1 percentage points higherthan those of stores, shopping centers, and supermarkets respectively.
Second, the sales of petroleumproducts, daily necessities and communication equipment increased faster thanbefore. Among the retail sales of goods above the designated size, under thejoint influence of the increasing summer holiday tourists and the risingprices, the sales of petroleum products increased by 18.4% year on year, 12.8percentage points higher than that of the same period last year. The sales ofdaily necessities, communication equipment, clothing and gold, silver andjewelry increased by 11.3%, 9.6%, 8.7%, 8.2% respectively, 4.2, 1.7, 2.3 and5.6 percentage points higher than those of the same period last yearrespectively.
Third, the decreasing speed of theautomobile sales narrowed and the growth rate of the sales of housing goodsslowed down. Influenced by the reducing automobile import tariff and theincreasing promotion of automobiles made in China, the sales of automobileabove the designated size decreased by 2% year on year, 5 percentage pointsnarrower than that of last month. The sales of household appliances, buildingmaterials and furniture was up 0.6%, 5.4% and 11.1% year on year respectively,2.5, 7.7 and 1.3 percentage points lower than those of the same period lastyear respectively.
Fourth, service consumption heated upin summer holidays. In July, the national catering revenue was 334.3 billionyuan, up 9.4% year on year, 0.7 percentage points higher than the growth rateof the retail sales of goods. The revenue of film box office reached 6.95billion yuan, up 37.9% year on year, 20.1 percentage points higher than that ofthe first half of this year. According to the prediction of China TourismAcademy, the nationwide scenic spots are expected to receive over 1 billiontourists in July and August, accounting for 1/5 of the total yearly amount ofthe tourists. The expenditure of each summer holiday tourist reached 4000 yuan,up 15% year on year.
Fifth, the consumption price rosemildly. In July, the CPI (consumer price index) was up 2.1 % year on year. Theincremental was 0.1 percentage points higher than that of last month, risingslightly for three consecutive months. The CPI was up 0.3% month on month. TheCPI from January to July was up 2.0%, the same as that of the first half ofthis year. In July, the price of edible agricultural products in 36 large andmedium-size cities monitored by MOFCOM was up 0.4% year on year and down 0.5%month on month, rising accumulatively by 0.6% year on year.
The official said with the stablegrowth in national economy, continuous structural upgrading and steadyimprovement in quality and performance, the further expansion and upgrading ofthe consumption market is expected to stay unchanged and will maintain a stabledevelopment later.
(Source:Ministry of Commerce Website)