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Retail sales of consumer goods soaring in Tibet

By: Xinhua
Updated: January 28, 2019

The retail sales of consumer goods in southwest China's Tibet Autonomous Region is expected to exceed 50 billion yuan (about 7.46 billion U.S. dollars) in 2018.

 

The regional bureau of commerce said retail sales of consumer goods hit 54.58 billion yuan in the first 11 months of the past year, up 14.5 percent year on year.

 

It predicted a rise of 14 percent in the region's consumer goods retail sales last year which will hit 59.6 billion yuan, making Tibet one of the provinces and regions with the highest growth rates in the country.

 

"Demand for consumer goods is a major driving force in Tibet's economic growth," said Penpa, head of Tibet's commerce bureau, adding that the region's growth rate of consumer goods retail sales is expected to reach 13 percent this year, and its export will grow by more than 10 percent in the year.

 

While making active efforts to advance construction of convenience stores and boutiques, and promote opening-up of markets for education, care for the old, the commerce bureau said it would give guidance and support for development of service trade, in support of Tibet's bid to advance an export-oriented economy, said Penpa.

 

To that end, Tibet will organize more local companies to attend large exhibitions to promote well-known local brand products and increase their market share at home and abroad.