China Internet Retail Sales Up 48.3% In H1 2014

China's Internet retail sales increased by 48.3% year-on-year to CNY1.138 trillion in the first half of 2014.

During a press conference held by the State Council Information Office of China, Sheng Laiyun, spokesperson from the National Bureau of Statistics, revealed that during the first six months of 2014, China's total retail sales of social consumers goods reached CNY12.42 trillion, marking a year-on-year nominal increase of 12.1% and the growth rate was 10.8% after deducting price factors. The growth rate was 0.1 percentage point higher than the first quarter of 2014. Meanwhile, China's Internet retail sales reached CNY1.138 trillion, a year-on-year increase of 48.3%.

According to Sheng, based on the development situation of new industries and models, it is safe to say that technology and innovation played a positive role in promoting industrial growth. Technical progress has been making increasing contributions to economic growth, especially to structural adjustments and upgrades.

Commenting on the contribution of technology to economic growth, Sheng said it involved both methodology and basic data. The National Bureau of Statistics is currently making further measurements and calculations to enhance system reform strength and add new indices which can reflect results brought by technical innovation and advancement in China.