March 12 (Bloomberg) -- .... retail sales climbed 20.2 percent, matching the fastest pace in at least nine years, a sign that consumer spending may sustain economic growth as export demand weakens.
The increase was the same as December's and more than the 19 percent median forecast of 18 economists in a Bloomberg News survey. Inflation at an 11-year high contributed.
Increased spending helps Wal-Mart Stores Inc. and Carrefour SA, the world's biggest retailers, as they expand in China and helps the government to curb dependence on exports and investment for growth. Overseas shipments rose 6.5 percent in February, the least in almost six years, illustrating the threat from weakening U.S. demand.
The globalization is good. As the people in China have more to spend their standard of living goes up. That in turn will spur more trade. It makes the global economic pie bigger for everyone.
But that is also why oil is going through the roof.