Retail sales up 15.5% in April
(Bloomberg)Updated: 2007-05-15 11:08
Electronics, Jewelry
Electronics sales increased 13 percent in April from a year earlier, while those of furniture jumped 53 percent. Jewelry sales rose 31 percent.
Among 724 executives in China, 61 percent said they will increase hiring in the second quarter, up from 59 percent in the previous three months, according to a survey by recruitment firm Hudson Global Resources.
Households are switching money from bank deposits to the share market.
"I make about 5,000 yuan a month investing in stocks," said Peng Li, 25, a student eating at the food court of the Mix C Shopping Mall in Shenzhen. "I spend most of my money on eating and shopping with friends."
Minimum Wages
China will strengthen implementation of minimum wages and improve public welfare to support consumption, Premier Wen Jiabao told lawmakers at the annual meeting of the National People's Congress in March.
Disposable incomes in urban areas jumped 19.5 percent in the first quarter and rural households' earnings climbed 15.2 percent.
"Most Chinese people live in the country and the government needs to further
boost rural incomes to expand consumption," said Zuo Xiaolei, chief economist at
China Galaxy Securities Co. in Beijing.
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