金融英语阅读：Consumers power sales
A jump in consumer spending over the national holiday week has given new hope to analysts, who see the figures as a sign that China is shifting away from export-driven growth and is instead relying more on domestic demand.Consumer spending reached 592.5 billion yuan ($88.7 billion), up 18.7 percent during the week-long holiday, according to statistics the Ministry of Commerce released Friday on its official website.
The Ministry's branch offices collected the statistics around the country. This year's growth is 0.7 percentage points higher than last year's figures. for the same period
Retail sales in department stores boasted nearly 20 percent growth in most provinces, including less-developed central areas such as Shanxi and Shaanxi, thanks to retailer's promotional efforts and government incentive programs for home-appliance sales in the countryside.
Home appliances, jewelry, and cars were among the most popular items purchased during the holiday.
A special rebate program, which allows consumers to trade-in used appliances, led to a boost in white goods sales. Appliance and electronics retailer Suning reported sales growth of 107.5 percent and competitor Yongle's sales grew by 52 percent in Henan Province during the holiday.
Gold, silver and other jewelry items also saw a sharp sales increase, posting an 83.5 percent rise in Chongqing Wangfujing Department Stores, and 39.8 percent in Jiangsu-based International Xinya Plaza.
Despite rising international gold prices, the number of gold sales at Beijing Caibai, a jewelry market, increased on average by 40 percent during the holiday, according to Xinhua News Agency.
There is still great potential for domestic consumption, as the population grows and incomes rise, said Chen Geng, marketing consultant and partner at Adfaith Management Consulting. "The penchant for luxury goods will become more pronounced as people flock to the cities."
The International Monetary Fund estimated Wednesday that domestic demand is poised to contribute two-thirds of China's near-term growth.
"Stopping the heavy reliance on the export-driven economy by promoting consumption is a long-term trend and an important goal for the government," Chen added. "The increase in disposable income, however, is still lagging behind GDP growth, keeping spending down."
"If the government improves the social welfare system and increases incomes, consumption would really take off," he said.
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