China: April Retail Sales +15%, Jewelry +31%
Diamonds.net, NY
RAPAPORT… China’s retail spending kept pace with the nation’s bullish stock market during April 2007, according to the National Bureau of Statistics. Sales posted strong growth in the automotive, furniture, and jewelry industries. Total retail sales rose 16 percent to $87 billion — the greatest growth rate in three years. Furniture sales rose 53.3 percent, car sales increased 38, percent and jewelry sales increased 30.8 percent for the month.
Analysts credited the strong stock market, rising incomes, and a gradual move by authorities to an economy based upon domestic demand for having boosted retail sales during the first quarter as well.
Keeping with the pace of growth – sales for January through April time frame rose 15.1 percent to $363.2 billion.
China is decreasing reliance upon exports for gross domestic product growth and turning towards investments and consumer retail for growth the government reported.
