Still Confused About China’s Consumer Demand
This remains puzzling to me (h/t China Briefing):
China’s retail sales for 2008 are expected to reach RMB10.8 trillion, an increase of about 21 percent year-on-year.
According to a report released on Monday by the Ministry of Commerce, sales figures broke the RMB10 trillion mark earlier this month.
“Despite the negative impact of the global financial crisis on the domestic market, retail sales will continue to grow as Christmas and the New Year approach,” it said.
And yet growth continues to slow and imports drop. Go figure.
