The growth of retail sales in China slowed down in June

In June, retail sales in China increased by 3.1 percent on an annual basis, significantly less than the 12.7 percent annual growth in May and slightly below the 3.2 percent expected by analysts.

In June, retail sales increased the least since last December’s decline on an annual basis.

The retail turnover of clothing increased by 6.9 percent in June after a 17.6 percent year-on-year increase in May. The turnover of cosmetics increased by 4.8 percent after 11.7 percent in May. Gold and silver sales rose 7.8 percent year-on-year in June after a 24.4 percent increase in May.