China's accommodation and catering retail sales reached 98.5
billion yuan in August, up 19.1 percent on last year, statistics
published by the Ministry of Commerce showed on Monday.
Over the first eight months, sales were up 18.1 percent on last
year to 772.2 billion yuan, accounting for 13.8 percent of the
total consumer goods retail sales.
During the eight-month period, foreign investors have set up 574
new accommodation and catering enterprises, down 17.2 percent while
the contractual foreign funds increased by 9.1 percent to US$1.93
billion, of which US$552 million have been utilized, up 22.3
percent.
Retail sales of catering enterprises with more than 40 workers
and annual sales exceeding two million yuan reached 230.4 billion
yuan during the first eight months, up 18.5 percent.
Hit by increasing food prices since May, most catering
enterprises have kept their prices in a reasonable range, said the
ministry.
However, the ministry warned that disguised price hikes, such as
streamlining food portions or reducing food quantity, should be
properly handled.
(Xinhua News Agency September 18, 2007)
