Qianhai Cooperation zone retail sales jump 51% in first seven months

The Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone reported retail sales of consumer goods totaling RMB31.1 billion from January to July, a year-on-year increase of 51%, according to data released by the zone’s statistics bureau.

Retail sales have now recorded double-digit growth for six consecutive months, underscoring continued momentum in the consumer market and supporting growth in the services sector.

Online sales played a major role, reaching nearly RMB18 billion, more than double the level a year earlier.

Household appliances and audio-visual products recorded RMB5.9 billion in sales, up 3.5 times year-on-year, boosted by government-backed “trade-in” policies. Restaurant revenues at larger establishments reached RMB6.2 billion, up almost 7%, while sales of cultural and office supplies surged nearly 14 times to about RMB3 billion.

The services sector also benefited, with revenue from major service enterprises, excluding wholesale, retail, hospitality, finance, and real estate, rising 21% to nearly RMB35 billion. Information transmission, software, and IT services expanded by 53%.

Meanwhile, the zone recorded imports and exports totaling RMB26.4 billion, with both exports and imports more than doubling. However, actual foreign investment contracted 50% to USD380 million.

By the end of July, 7,461 Macau-funded businesses were registered in Qianhai, up 16% year-on-year, accounting for 12.5% of all businesses in the zone.