Even these robust retail sales understate the strength of consumer spending, says Arthur Kroeber of Dragonomics, a Beijing-based economic research firm.
One reason is that seasonal adjustment is tricky in such countries where the shift from agriculture to industry changes the pattern of seasonality over time, says Mr Kroeber.
Arthur Kroeber of GK Dragonomics, a consultancy, says the country still enjoys a considerable tailwind from urbanisation and a huge potential for productivity gains as it adopts new technology.