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China 'Golden Week' retail sales growth slows to 11% y-o-y
[BEIJING] China's retail sales growth slowed during the week-long National Day Holiday, Ministry of Commerce data showed, adding to concerns about weakness in the world's second largest economy.
Revenues of retailers and catering firms grew 11 per cent to 1.08 trillion yuan (S$238.2 billion) during the Oct 1-7 "Golden Week" holiday, a ministry statement said, a decline from the 12.1 per cent growth in the same year-ago period.
The holiday is especially important for retailers, which vie for customers by launching promotions and discounts. Millions of people take time off work to travel, get married and generally spend more than usual during the break.
Economists are closely watching retail data as China's leaders are trying to boost economic growth, which is at its slowest in nearly quarter of a century, through consumption rather than the manufacturing-led growth model of the past.