China's retail sales up 10% in October

BEIJING - China's retail sales of consumer goods grew 10 percent year-on-year in October, down from 10.3 percent registered in September, official data showed Tuesday.

Total sales in the first 10 months rose 10.3 percent to 29.74 trillion yuan ($4.48 trillion), the National Bureau of Statistics said on its website.

The pace was slightly slower than an increase of 10.4 percent for the first three quarters.

The steady growth was partly due to booming online sales, which surged 34 percent year-on-year in the first 10 months.

In the same period, retail sales in rural areas rose 12 percent, outpacing the 10-percent expansion for urban areas.

Booming retail sales are behind China's stabilizing economy, which grew 6.9 percent in the first three quarters.

China is trying to shift its economy toward a growth model driven more by consumer spending, innovation and services while weaning it off overreliance on exports and investment.