Retail boom in China

Retail sales in China grew at an annual rate of 15.5% in April according to official figures, beating forecasts and marking the fastest pace since 2006. The month's sales hit 667.3bn yuan (£44bn); the growth in sales has been boosted by the expanding Chinese middle class, which has greater disposable income.

Qian Wang, an economist at JP Morgan Chase in Hong Kong said the figures showed "the solid expansion momentum in domestic consumption and private consumption" as incomes have increased in urban and rural regions. Sales of jewellery increased by 30.8 per cent from April 2006, while fashion grew at is annual rate.