BEIJING Oct 7 China's retail sales rose at a
double-digit pace during the week-long National Day holiday in
October, data from the Ministry of Commerce showed, but growth
slowed slightly compared with last year.
Sales of retailers and catering firms increased 10.7 percent
to 1.2 trillion yuan ($180 billion) during the Oct. 1-7 "Golden
Week" holiday, the ministry said in a statement posted on its
website late Friday. Revenues grew 11 percent a year earlier.
In revenue terms, the holiday is more important for
retailers than Chinese New Year as they vie for customers with
promotions and discounts.
During the National Day holiday, millions take time off work
to travel, get married, and generally spend more money than
usual on consumer products such as household appliances, mobile
phones, jewellery, clothing and cars.
Economists are closely watching China's consumption data as
the country's leaders try to bolster the economy, which expanded
at its slowest rate in a quarter of a century last year.
($1 = 6.6685 Chinese yuan renminbi)
(Reporting by Ryan Woo; Editing by Catherine Evans)