Ministry of Commerce: China's consumption growth momentum will continue to be released-Shanghai Metals Market

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Ministry of Commerce: China's consumption growth momentum will continue to be released

Translation 08:23:20PM Jun 17, 2019 Source:Shanghai Securities News China Securities Network

SMM News: the Ministry of Commerce June 17 news, the Ministry of Commerce Market Operations Department in charge of China's consumer market operation in May 2019.

The official pointed out that due to May Day holiday consumption and other factors, the consumer market showed a steady upward trend in May. According to the National Bureau of Statistics, the total retail sales of consumer goods nationwide reached 3.3 trillion yuan in May, an increase of 8.6 percent over the same period last year, up 1.4 percentage points from the previous month, and from January to May, the total retail sales of consumer goods increased by 8.1 percent year on year, up 0.1 percentage points from January to April. The Ministry of Commerce focused on monitoring retail sales rose 2.8% in May from a year earlier, up 0.6% from the previous month. The consumer market mainly has the following characteristics:

First, tourism catering consumption is prosperous and active. In May, food and beverage revenue nationwide totaled 363.1 billion yuan, an increase of 9.4 percent over the same period last year, an increase of 0.9 percent over the previous month. According to the comprehensive calculation of the Ministry of Culture and Tourism, the total number of domestic tourists received during the May 1 holiday period was 195 million, an increase of 13.7 percent by comparable caliber, and the realized tourism income was 117.67 billion yuan, an increase of 16.1 percent.

Second, the growth rate of car sales has picked up. Under the influence of escalating consumer demand, car consumption stopped falling and stabilized, with retail sales above the quota reaching 322.3 billion yuan in May, an increase of 2.1 percent over the same period last year and 4.2 percentage points higher than in April.

Third, the basic living expenses are exuberant. In May, retail sales of cosmetics, daily necessities, Chinese and Western medicines, beverages, cereals, oils and foods above the quota increased by 16.7%, 11.4%, 11.2%, 12.7% and 11.4% respectively over the same period last year. In the first five months, online retail sales of physical goods increased by 28.5%, 21.2% and 21.2%, respectively.

Fourth, online retail has maintained rapid growth. Online retail sales of physical goods rose 21.7 percent from January to May compared with the same period last year, accounting for 18.9 percent of the total retail sales of consumer goods. In May, the Ministry of Commerce focused on monitoring online retail sales by 17.8% year-on-year, 16.2%, 12.5% and 11.4% faster than department stores, supermarkets and shopping malls, respectively.

Fifth, consumer prices rose slightly. Overall consumer prices rose 2.7 per cent in May from a year earlier, 0.2 percentage points higher than the previous month. The prices of edible agricultural products in 36 large and medium-sized cities monitored by the Ministry of Commerce rose 10.7% in May from a year earlier, and rose 4.0% from January to May.

The official said that China's consumer market still contains great potential, with the gradual implementation of policies such as issuing 5G business licenses and promoting automobile consumption, the momentum of consumption growth will continue to be released, and the consumer market will continue to maintain steady and healthy development.

Key Words:  Consumption growth  momentum  release 

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Ministry of Commerce: China's consumption growth momentum will continue to be released

Translation 08:23:20PM Jun 17, 2019 Source:Shanghai Securities News China Securities Network

SMM News: the Ministry of Commerce June 17 news, the Ministry of Commerce Market Operations Department in charge of China's consumer market operation in May 2019.

The official pointed out that due to May Day holiday consumption and other factors, the consumer market showed a steady upward trend in May. According to the National Bureau of Statistics, the total retail sales of consumer goods nationwide reached 3.3 trillion yuan in May, an increase of 8.6 percent over the same period last year, up 1.4 percentage points from the previous month, and from January to May, the total retail sales of consumer goods increased by 8.1 percent year on year, up 0.1 percentage points from January to April. The Ministry of Commerce focused on monitoring retail sales rose 2.8% in May from a year earlier, up 0.6% from the previous month. The consumer market mainly has the following characteristics:

First, tourism catering consumption is prosperous and active. In May, food and beverage revenue nationwide totaled 363.1 billion yuan, an increase of 9.4 percent over the same period last year, an increase of 0.9 percent over the previous month. According to the comprehensive calculation of the Ministry of Culture and Tourism, the total number of domestic tourists received during the May 1 holiday period was 195 million, an increase of 13.7 percent by comparable caliber, and the realized tourism income was 117.67 billion yuan, an increase of 16.1 percent.

Second, the growth rate of car sales has picked up. Under the influence of escalating consumer demand, car consumption stopped falling and stabilized, with retail sales above the quota reaching 322.3 billion yuan in May, an increase of 2.1 percent over the same period last year and 4.2 percentage points higher than in April.

Third, the basic living expenses are exuberant. In May, retail sales of cosmetics, daily necessities, Chinese and Western medicines, beverages, cereals, oils and foods above the quota increased by 16.7%, 11.4%, 11.2%, 12.7% and 11.4% respectively over the same period last year. In the first five months, online retail sales of physical goods increased by 28.5%, 21.2% and 21.2%, respectively.

Fourth, online retail has maintained rapid growth. Online retail sales of physical goods rose 21.7 percent from January to May compared with the same period last year, accounting for 18.9 percent of the total retail sales of consumer goods. In May, the Ministry of Commerce focused on monitoring online retail sales by 17.8% year-on-year, 16.2%, 12.5% and 11.4% faster than department stores, supermarkets and shopping malls, respectively.

Fifth, consumer prices rose slightly. Overall consumer prices rose 2.7 per cent in May from a year earlier, 0.2 percentage points higher than the previous month. The prices of edible agricultural products in 36 large and medium-sized cities monitored by the Ministry of Commerce rose 10.7% in May from a year earlier, and rose 4.0% from January to May.

The official said that China's consumer market still contains great potential, with the gradual implementation of policies such as issuing 5G business licenses and promoting automobile consumption, the momentum of consumption growth will continue to be released, and the consumer market will continue to maintain steady and healthy development.

Key Words:  Consumption growth  momentum  release