China’s retail sale, the biggest growth driver of the economy, saw a growth of 12.5% in FY21 compared to a drop of 3.9% in FY20, showing an underlining resilience in the economy in a year full of economic challenges.
However, retail sales only grew by 1.7% in the last month of December from 3.9% in November due to the fresh break out of Omicron variant of the COVID-19.
Retail sales in FY21 touched $6.95 trillion despite numerous economic challenge. Consume goods sales rose 11.8% in FY21 Y-O-Y, while sales in catering services surged 18.6%.
In FY21, per-capita disposable income grew 8.1% Y-O-Y reaching 35,128 yuan, fuelling robust growth in retail sales.