Consumers spending generously in 1H

Accelerating figures: People walking at the Central Business District in Beijing. With a contribution to economic growth of 77.2%, consumption has played an increasingly prominent role in driving the economy. — Reuters

BEIJING: Retail sales of consumer goods, a major gauge of Chinese consumption strength, expanded at a quick pace in the first half of the year (1H23), as an ongoing economic recovery and increased incomes pushed consumers to spend generously.

Retail sales of consumer goods grew 8.2% year-on-year (y-o-y) between January and June to touch 22.76 trillion yuan (US$3.17 trillion or RM14 trillion), 2.4 percentage points higher than that of the first quarter, according to the National Bureau of Statistics (NBS).