Reportedly, China's consumer goods sales during the seven-day National Day holiday period climbed 16 percent from a year earlier to almost 350 billion yuan ($46.7 billion), despite worldwide market uncertainty.
Reports have stated that sales increased 35 percent in Chongqing municipality in central China, 25 percent in Shanghai and 23 percent in the eastern province of Jiangsu, with clothing, mobile phones, gold and silver jewelry and automobiles selling especially well.
China created the three so-called Golden Weeks, which include the Lunar New Year and the May 1 Labor Day holidays, in 1999 to encourage consumption. The Asian nation wants to curb its dependence on exports and fixed-asset investment and spur growth instead through domestic consumer spending.
Prices for food and daily necessities remained stable, the statement said. China is seeking to slow the pace of consumer- price gains, which surged 6.5 percent in August, the fastest rate in 10 years and more than double the central bank's projected growth for the full year.
Speculators believe that this, coupled with various other positive movements in Asian markets, could be the motivation behind Pacific Capital Trading’ increased attention in Asia.
