China’s retail sales growth slowed to 13.1% yoy in July 2012
9 August, 2012, 14:03. Posted by Zarathustra
China’s retail sales growth slowed to 13.1% yoy in July, down from 13.7% in June, and worse than market consensus of 13.5% yoy.
On a month-on-month and seasonally adjusted basis, retail sales growth (nominal) continues to slide from 1.29% in June to 1.05% in July, pointing to continued weakness of domestic demand.
In real term, however, retail sales growth picked up from 12.1% yoy in June to 12.2% yoy in May, which is a bit of a welcome news.
Source: National Bureau of Statistics
The chart below shows, as we did before, the growth in retail sales and fixed asset investments, as we like to use this as a very rough proxy of the rebalancing of the economy from investment to consumption. So far, we continue to see little progress on that, if at all.
Source: National Bureau of Statistics
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About Zarathustra
Zarathustra: Founder and Managing Editor of Also sprach Analyst. Once an analyst, now an investor and entrepreneur. Based in Hong Kong, but Londoner at heart.