With China's July economic figures just few days away, let's get a preview of the countries economic situation. We begin today by focusing on China's consumption figures.
China's total retail sales surged by 18.2 percent year on year in the first half. That's 3.2 percent faster than the growth rate last year.
Hong Tao, an official with the Ministry of Commerce, says he's excited by the consumption figures.
Hong Tao, Official of Ministry of Commerce said "China's market consumption is highlighted by the following things. Firstly, the economy kept a faster developing pace in the first half of the year. Secondly, the catering industry is now in an active status. It has kept a double digit increase for 20 consecutive years. Thirdly, the sales of automobiles also maintains rapid growth."
Hong says the catering industry recorded total income of 818 billion yuan, up 16.9 percent year-on-year in the first half.
Figures from the auto industry were also promising. Hong expects the country's auto sales volumes to reach 17.5 million units this year.
But he also sees some problems in the market.
Hong Tao said "In order to perk up China's consumption in a healthy way, we should strike a balance among the western, middle and eastern regions, and a balance between the rural and urban areas in the next half of the year."
Hong believes some policies unveiled in the first half are proving effective, like the home appliance purchase incentives in rural areas. He says policies like that will shrink the consumption gap between rural and urban areas.
Hong expects the country's total retail sales volume to reach 15 trillion yuan, or maintain a growth rate of 20 percent this year.