Retail sales bounce back last year to hit record

China's retail sector recovered rapidly in 2023 after the country optimized its COVID-19 response measures, with total retail sales hitting a record high and accommodation and catering businesses witnessing significant growth, the National Bureau of Statistics said on Wednesday.

Last year, total retail sales stood at 47.15 trillion yuan ($6.5 trillion), up 7.2 percent year-on-year. Retail sales of merchandise stood at 41.86 trillion yuan, up 5.8 percent on a yearly basis, the NBS said.

The rapid recovery of services consumption was a major highlight of recovery last year. Retail sales of services in 2023 increased 20 percent over 2022, and per capita service consumption expenditure rose 14.4 percent on a yearly basis.