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China Jewelry Sales Soaring!
The Chinese Government released statistics today showing that Chinese jewelry sales rose 11 percent in August, and oil and oil product sales jumped 41 percent.
The average annual earnings for urban residents has risen 91 percent since year 2000, the government said.
China's economy has expanded an average of 9.5 percent for each of the past 20 years.
Overall, August retail sales in China rose 12.5 percent due to higher incomes and tax breaks, according to government statistics. Retail sales for the month ended at $62 billion, reflecting what the country's Prime Minister Wen Jiabao said was helped by his national increase in the minimum wage and lower taxes for farmers.
To paraphrase the great Satchel Page, "Don't look back, cause China be gainin' on ya"!
