According to data published by the Bureau of Statistics of Shanghai, retail sales for 2008 in Shanghai increased by 17.9% to CNY453.714 billion.
The bureau said that in 2008, consumption in Shanghai continued to grow rapidly with the monthly growth of retail sales averaging over 15% year-on-year. At the same time, demands for fast-moving consumer goods remained high.
Cai Xuchu, a general economist from the Bureau of Statistics of Shanghai, said that the major reasons for the fast growth of the Shanghai market can be attributed to the Shanghai government's policies which aimed to enlarge domestic demands and encourage consumption. In addition, the improved level of social security played an important role in promoting consumption while the stable and continuous increase in people's income strengthened consumer confidence.
The bureau also published other economics statistics of Shanghai in 2008 in the report, which said that over the entire year of 2008, Shanghai's total exports grew 17.7% year-on-year while its fixed asset investments grew by 8.3%.