Who cares about the american consumer!!!China's July Retail...

Who cares about the american consumer!!!





China's July Retail Sales Rise 12.7% as Incomes Climb (Update3)

Aug. 12 (Bloomberg) -- China's retail sales rose to a four- month high in July as higher incomes and tax cuts spurred spending on products including Dell Inc. computers, Adidas shoes and General Motors Corp. cars.

Sales in the world's most-populous nation increased 12.7 percent from a year earlier to 494 billion yuan ($61 billion), the Beijing-based National Bureau of Statistics said today on its Web site. That followed a 12.9 percent gain in June and compares with the median 13 percent increase forecast in a Bloomberg News survey of nine economists.

Premier Wen Jiabao is counting on consumer spending and exports to sustain growth at the 8.6 percent annual rate of the last decade as he steers the economy away from its dependence on investment. The government has cut taxes for the nation's 400 million farmers and last month approved plans to raise the income tax threshold for the first time in 25 years.

http://www.bloomberg.com/apps/news?pid=10000080&sid=amZuKXs.xvrE&refer=asia