Consumers in driving seat of economic growth
China has seen a strong consumption trend in the first half of this year, with the bricks-and-mortar retail sector making a comeback and e-commerce maintaining steady growth, the Ministry of Commerce said on Thursday.
Total retail sales reached 17.2 trillion yuan ($2.54 trillion) between January and June, up 10.4 percent year-on-year, making consumption the major driver of China's economy, accounting for 63.4 percent of economic growth, said Gao Feng, the ministry's spokesman.
According to the ministry, the retail sector has regained its momentum, with sales at major specialty and department stores increasing by 5.6 percent and 1.3 percent respectively over the past six months. Franchise outlets and convenience stores have showed stronger performance than others with 8.6 percent and 7.2 percent growth in sales respectively.
