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China's retail sales to grow 12 percent in 2014
(MENAFN) According to Vice Commerce Minister, China's retail sales value is forecasted to grow by around 12 percent in 2014, hitting USD4.4 trillion, Xinhua reported.
China's retail sales rose 12 percent year on year to USD3.85 trillion in the first eleven months. Data for the whole year is expected next Tuesday. This will make China the world's second largest retail market.
In the first three quarters of this year, consumption overtook investment as the biggest driver of the economy and contributed 48.5 percent to economic growth, earlier official data showed.
China's retail sales rose 12 percent year on year to USD3.85 trillion in the first eleven months. Data for the whole year is expected next Tuesday. This will make China the world's second largest retail market.
In the first three quarters of this year, consumption overtook investment as the biggest driver of the economy and contributed 48.5 percent to economic growth, earlier official data showed.
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