China July retail sales up

Following are analysts' reactions to China's July retail sales data, released on Friday.
China's retail sales rose 13.2 percent in the year to July, slowing from growth of 13.9 percent in the 12 months to June but beating economists' estimates, the State Statistical Bureau said.
"The figure is more or less expected. There was a low base last year as China was recovering from SARS. If we discount that retail sales have been growing at about 9.5-10 percent, that's fair.
"Exports and consumption are the two pillars for the economy for the rest of the year. Economic fundamentals are still okay. Corporations are feeling the impact of credit tightening and higher prices. The impact is not yet being felt by the consumer. Even if it were to have an affect on consumption, I think the impact would be limited."