Substantial development

In China the retail sales grew by 21.6 per cent in 2008, in spite of a poor second half-year, as the National Bureau of Statistics states in a report. Due to declining consumer confidence and falling inflation, sales growth moved downward in the second half compared with the same period in the previous year, from 23.3 per cent in July to 20.8 per cent in November, then 19 per cent in December. Government economists expect further downward growth rates for this year.