China Retail Sales Growth Quickens to 10.8%

China's retail sales of consumer goods grew 10.8% year on year in November, accelerating from the 10% rise posted for October, data showed Tuesday.

    Total retail sales of consumer goods hit 3.1 trillion yuan about (449.9 billion US dollars) last month, according to the National Bureau of Statistics (NBS).

    The data showed strong consumption potential in rural areas, with retail sales expanding 11%, outpacing the 10.8% rate in urban areas, according to China's (Xinhua) News Agency.

    In the first 11 months of the year, China's retail sales of consumer goods rose 10.4% year on year to 30 trillion yuan. Online spending also did well. From January to November, online sales surged 26.2% year on year to 4.6 trillion yuan. 

    On Singles' Day, Nov. 11, Chinese splurged more than 120 billion yuan on leading online market place Alibaba. Retail sales have contributed significantly to China's economic growth as the country shifts from an export-driven economy to a consumer society. 

    Consumption contributed 73.4% of China's economic expansion in the first half of 2016, official data showed.