China's retail sales to grow 18% in H2: Mastercard

MasterCard International, the world's second largest credit card operator, predicted that retail sales in China will remain strong growth for the second half of this year despite growing concerns on the international financial market unrest, sources reports.

According to MasterCard Worldwide Index of Retail released on Monday, China will lead the retail sales growth in 12 Asia-Pacific markets. Retail sales in China are expected to reach RMB 5.566 trillion during the second half of 2008, representing a robust increase of 18% year-on-year.

MasterCard's outlook for Hong Kong during Jul.-Dec. is also favorable. It hopes that retail sales growth in the region will surge 12.7% over the corresponding period of last year.

However, Taiwan market may remain weak, with an estimated year-on-year growth of 2.9%.

"In spite of the global slowdown and its impacts on Asia, employment and income maintain relatively strong in the region, which will support and boost consumers' spending," said Dr. Yuwa Hedrick Wong, economic advisor of MasterCard Worldwide.