From a report by Argentina Star on Sunday 17th August, 2008, China’s counterfeit peddlers have been doing a roaring trade during the Olympic Games.
During the 2008 Beijing Olympic Games, sellers are ringing up bumper sales to bargain-hunting Olympic visitors, though minimal attempts to crack down on copyright theft.
While authorities tried to run out some of the peddlers and prostitutes before the games, some of the best customers have been visitors wearing the official yellow badges of Olympic visitors.
Even counterfeit versions of the blue and white Olympic volunteer shirts have become fair game for the counterfeiters.
According to another report, China Olympic-related Spending Boosts Retail Sales by 23.3%. The Beijing Olympics, however, has triggered higher sales in the hospitality industry, with receipts at hotels and restaurants gaining 26.5 percent to 116.8 billion yuan.
A Chinese intellectual property official said the world is overestimating the amount of counterfeit goods made in China, and blamed "expensive" copyright goods for driving consumers to fake goods. In 2006, 81 percent of all counterfeit goods seized by the United States came from China, up from 65 percent a year earlier, according to U.S. government statistics.
Showing posts with label Beijing Olympics. Show all posts
Showing posts with label Beijing Olympics. Show all posts
8/13/08
China Olympic-related Spending Boosts Retail Sales by 23.3%
Retail sales of China jumped 23.3 percent last month to 862.9 billion yuan (US$125.8 billion), the fastest pace since 1996, the National Bureau of Statistics said yesterday.
The growth outpaced the 23-percent increase in June and the 21.6-percent in May. It helped to push the figure for the first seven months to 5.97 trillion yuan, a 21.7-percent jump from the same period a year ago.
Analysts said increased spending in the run-up to the Olympics and relief efforts to aid the country's earthquake-stricken areas boosted sales at home, which compensated for weaker external demand and slower growth in investment.
"Domestic consumption has expanded steadily so far this year as people showed a greater willingness to spend," said Li Maoyu, an analyst at Changjiang Securities Co. "But the plummeting stock market may curb faster growth in the future."
China's equities markets have been in the doldrums since the start of the year. The benchmark Shanghai Composite Index dropped below 2,500 this week, more than half its October heyday when it crested above 6,000 points.
China's property market is also showing signs of a slowdown as home sales dropped in several major cities even though prices have remained little changed.
The falloff has resulted in a drop in spending on construction and home decorations, which fell 3.4 percent in July from a year earlier.
The Beijing Olympics, however, has triggered higher sales in the hospitality industry, with receipts at hotels and restaurants gaining 26.5 percent to 116.8 billion yuan.
Even with all the spending, inflation has eased. The Consumer Price Index growth slowed in July for a third straight month to 6.3 percent, the lowest level since last September.
"The slower growth in the CPI is a positive element for the expanding retail sales," Li said.
Peng Ken, a Citigroup economist, said the strength in consumer demand "is a significant stabilizing factor in the slowing economy and takes some pressure off policy makers to engineer other drivers of growth."
Among the subcategories of retail consumption, sales of meat, poultry and eggs rose 18.4 percent in July while spending on grain and edible oil increased 18.3 percent.
Petroleum and related products sales soared 55 percent, due to price rises for gasoline and diesel, which rose as much as 18 percent in June.
The growth outpaced the 23-percent increase in June and the 21.6-percent in May. It helped to push the figure for the first seven months to 5.97 trillion yuan, a 21.7-percent jump from the same period a year ago.
Analysts said increased spending in the run-up to the Olympics and relief efforts to aid the country's earthquake-stricken areas boosted sales at home, which compensated for weaker external demand and slower growth in investment.
"Domestic consumption has expanded steadily so far this year as people showed a greater willingness to spend," said Li Maoyu, an analyst at Changjiang Securities Co. "But the plummeting stock market may curb faster growth in the future."
China's equities markets have been in the doldrums since the start of the year. The benchmark Shanghai Composite Index dropped below 2,500 this week, more than half its October heyday when it crested above 6,000 points.
China's property market is also showing signs of a slowdown as home sales dropped in several major cities even though prices have remained little changed.
The falloff has resulted in a drop in spending on construction and home decorations, which fell 3.4 percent in July from a year earlier.
The Beijing Olympics, however, has triggered higher sales in the hospitality industry, with receipts at hotels and restaurants gaining 26.5 percent to 116.8 billion yuan.
Even with all the spending, inflation has eased. The Consumer Price Index growth slowed in July for a third straight month to 6.3 percent, the lowest level since last September.
"The slower growth in the CPI is a positive element for the expanding retail sales," Li said.
Peng Ken, a Citigroup economist, said the strength in consumer demand "is a significant stabilizing factor in the slowing economy and takes some pressure off policy makers to engineer other drivers of growth."
Among the subcategories of retail consumption, sales of meat, poultry and eggs rose 18.4 percent in July while spending on grain and edible oil increased 18.3 percent.
Petroleum and related products sales soared 55 percent, due to price rises for gasoline and diesel, which rose as much as 18 percent in June.
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