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China retail sales in January, February rise 9.7%

China's retail sales in January and February totaled 6.108 trillion Chinese yuan, an increase of 9.7% over the same period in 2017, according to the National Bureau of Statistics.

During the two-month period, retail sales in urban areas grew 9.6% year over year to 5.205 trillion yuan, while the figure in rural areas jumped 10.7% to 903.6 billion yuan.

Across different categories, consumer goods saw sales rise 9.7% year over year to 5.447 trillion yuan. Revenue of catering businesses increased 10.1% to 661.3 billion yuan.

Meanwhile, online retail sales in January and February grew 37.3% on the year to 1.227 trillion yuan. Among these, e-commerce sales of physical goods jumped 35.6% to 907.3 billion, accounting for 14.9% of total retail sales.

As of March 13, US$1 was equivalent to 6.32 Chinese yuan.