Chinese Academy of Social Sciences (CASS) forecasted the retail sales of consumer goods in 2008 at 10.67 trillion yuan (about 1.57 trillion U.S. dollars), up 12.8 percent as consumption grows.

The figure would reach 12.48 trillion yuan in 2009, up 12.5 percent, said a report released by the CASS.

Consumption growth has accelerated since 2005, with an annual growth rate of more than 12 percent, which would benefit the macro-economy, said the report.

The retail sales of consumer goods grew faster every month this year. It gained 23.2 percent in August, after expanding at a rate of more than 23 percent for three straight months.

The relatively fast speed of domestic consumption rise would be an important factor in supporting macro-economic growth, said the report.