China’s retail sales of consumer goods are expected to hit 44 trillion yuan (about 6.8 trillion U.S. dollars) in 2021, an official said Sunday. The estimated figure will represent an increase of about 12.5 percent from last year and 8 percent from 2019, said Wang Bin, an official with the Ministry of Commerce, at a press conference. Considering the growth month by month in the second half of 2020, the year-on-year growth trend of consumption will be “low-after-high” throughout this year, Wang said, adding that the country’s consumption will continue its steady recovery in the fourth quarter.
For the upcoming National Day holiday, during which robust consumption is expected, the country is strengthening market monitoring and releasing inventories to ensure the adequate supply of daily necessities, Wang said. The latest data shows that China’s retail sales of consumer goods went up 2.5 percent year on year to around 3.44 trillion yuan in August, according to the National Bureau of Statistics.