Retail sales growth in China held onto an 11-year high in October, easing only slightly from 23.2% in both September and August and 23.3% in July. According to the Chinese National Bureau of Statistics (NBS) this was due to easing inflation and weak consumption sentiment amid a slowing economy.

Some consumers cut back on spending due to the slowing economy, grim corporate outlook, and the plunge on the stock market, but the growth suggests dipping property prices and slowing economic growth has so far had minimal negative impact upon consumer spending habits.

Economic data released showed also that October export growth slowed to 19.2% from 21.5% in September. Zhang Yansheng, director of International Economic Research Institute under the National Development and Reform Commission commented: "In the long term, economic growth should rely more on consumption, rather than on exports."

Analysts, such as Merrill Lynch, caution that the data might reflect pent-up demand as consumers delayed purchases before and after the Beijing Olympics and expects retail sales momentum to cool in coming months. However, China's efforts to stimulate the economy should buffer any dramatic decline.

[Click here for an overview of China's top retailers.]