China's retail sales of consumer goods grew 10 percent year-on-year in October, down from 10.3 percent registered in September, official data showed Tuesday.
The retail sales of consumer goods in October totaled 3.42 trillion yuan, up by 10 percent year-on-year on nominal growth rate while the real growth rate was 8.6 percent.
The catering industry generated 385.3 billion yuan of income, a year-on-year growth of 10.3%. The film box office income reached 5.14 billion yuan, a year-on-year growth of 40.7%.
Total sales in the first 10 months rose 10.3 percent to 29.74 trillion yuan or $4.48 trillion, the National Bureau of Statistics said on its website. The online retail sales of physical goods were 4.2 trillion yuan, up 28.8 percent, accounting for 14 percent of the total retail sales of consumer goods during the period.
From January to October, the total retail sales of consumer goods reached 2.99 trillion yuan, up by 10.3 percent year on year. Of the total, the retail sales of consumer goods of units above designated size totaled 1.31 trillion yuan, increasing by 8.3 percent.
The pace was slightly slower than an increase of 10.4 percent for the first three quarters. The steady growth was partly due to booming online sales, which surged 34 percent year-on-year in the first 10 months.
In the same period, retail sales in rural areas rose 12 percent, outpacing the 10-percent expansion for urban areas.
Booming retail sales are behind China's stabilizing economy, which grew 6.9 percent in the first three quarters.
China is trying to shift its economy toward a growth model driven more by consumer spending, innovation and services while weaning it off overreliance on exports and investment.
