Chinese Academy of Social Sciences (CASS) forecasted the retail sales of consumer goods in 2008 at 10.67 trillion yuan (about US$1.57 trillion), up 12.8 percent as consumption grows.

The figure would reach 12.48 trillion yuan in 2009, up 12.5 percent, said a report released by the CASS.

Consumption growth has accelerated since 2005, with an annual growth rate of more than 12 percent, which would benefit the macro-economy, said the report.

The retail sales of consumer goods grew faster every month this year. It gained 23.2 percent in August, after expanding at a rate of more than 23 percent for three straight months.

The relatively fast speed of domestic consumption rise would bean important factor in supporting macro-economic growth, said the report.

(Xinhua News Agency October 12, 2008)