China's retail sales forecast to grow 10.3 percent in 2016: chamber

September 27, 2016 10:28 PM EDT

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BEIJING (Reuters) - China's retail sales are likely to grow 10.3 percent in 2016, the official People's Daily overseas edition reported on Wednesday, citing the China General Chamber of Commerce.

Growth in consumption is stabilizing due to positive signs in the economy including a recovery in power consumption and increasing exports, Wang Yao, vice president of the CGCC said, according to the newspaper.

China's retail sales beat expectations in August with growth accelerating to 10.6 percent from 10.2 percent the previous month. Analysts had forecast an increase of 10.3 percent.

(Reporting by Sue-Lin Wong; Editing by Shri Navaratnam)

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