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China claims 2nd spot in world retail market
July 5, 2013, 9:33 am


The retail sector accounts for 9.7 per cent of China’s economy [Xinhua Images]

China has become the world’s second largest retail market, according data released by the Ministry of Commerce.

Retail trade volume doubled to 21 trillion yuan ($3.44 trillion) last year, from 10.8 trillion ($1.77 trillion) in 2008.

Over the past five years China’s retail sales volume of consumer products has grown at an annual rate of 16.3 per cent, a spokesman for the ministry said yesterday.

The retail sector accounts for 9.7 per cent of China’s economy.

Chinese shares plunged last week and closed below a key psychological mark over worries in the financial system and strength  of the world’s second largest economy.

The benchmark Shanghai Composite Index dropped 5.3 per cent to end at 1,963.24, the lowest point in nearly seven months. While the Shenzhen Component Index fell 6.73 per cent to 7,588.52.

Inputs from Agencies

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