Chinese online retail sales grew at their fastest since 2016 in June. The pace of growth accelerated to 41% year-on-year from 30% year-on-year in May, according to the latest China retail data released by the National Bureau of Statistics (NBS).

Nomura analyst Jialong Shi has more details:

China e-commerce growth maintained a positive trajectory in June, as China’s online retail sales (excluding the sales of virtual goods and services) were CNY495bn, up 41% y-y vs 30% y-y growth noted in May. In fact, the 41% growth was the highest y-y growth rate we have noted since 2016.

The NBS did not give any colour on the breakdown of the online retail sales. Yet, based on the overall retail sales data (which included both online and offline sales) released by the NBS for individual…