This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Shoppers Helping Steer China Straight

BEIJING (TheStreet) --  The latest government statistics suggest China's more than 1 billion consumers are doing their part to help the nation's economy kick the exports habit, something Beijing has been trying to do since the 2008 global financial crisis.

Retail spending nationwide last year rose 13.1% year-on-year to more than 23.4 trillion yuan, or about US$3.8 trillion, the Chinese government's National Bureau of Statistics reported Monday.

The figure signaled a slight slowdown in shopping enthusiasm from a year ago, when the government reported 2012 retail spending had jumped 14.3% from the previous year to just more than 20 trillion yuan.

Nevertheless, the bureau's latest report of more double-digit retail growth offered evidence that progress is being made in the effort to transition China to more of a consumer-based economy, even as its gross domestic product growth slows down.

Must Read: Hershey's Takes on Nutella, Jif, in Spreads

Also in its Monday report of annual economic data, the bureau said China's GDP grew 7.7% in 2013 from the previous year, the slowest expansion in 14 years, mainly due to falling overseas demand for Chinese-made goods.

Domestic consumption is almost exclusively a city phenomenon, as urban shoppers account for 87% of all retail spending. The bureau cited three types of goods that saw the biggest growth last year: autos, up 10.4%; furniture, up 21%; and household electrical appliances, up 14.5%.

-- By Eric Johnson in Beijing.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

Eric Johnson is a journalist with 30+ years of experience. Chinese business-financial news has been his mainstay since 2006.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $118.00 1.10%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs