Retail sales will grow in China and the rest of the Asia-Pacific region by yearend as employment and wages continue to rise, according to a report from MasterCard Inc.
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Sales in China are expected to increase 12%, to $589 billion, in the second half, the card company said.
Retail sales are expected to grow in all 12 countries surveyed, it said, and Indonesia led with a projected 16% growth rate.
"Strong retail sales across the region are projected for the second half of the year due to continuing rising employment income as well as strong employment growth … in spite of increasing market volatility," said Dr. Yuwa Hedrick Wong, an economic adviser at MasterCard.
