Retail sales on the mainland rose 15 per cent from last year to 14 billion yuan (HK$15.89 billion) in the first three days of the Golden Week holiday because of robust sales of vehicles, electrical appliances and jewellery, the Ministry of Commerce said. Revenue at the retail outlets of Suning Appliance in Beijing jumped 25.8 per cent during the period. Meanwhile, the Shanghai Commerce Information Centre said 800 retailers in the city recorded 1.25 billion yuan in revenue, a 23.6 per cent gain from a year earlier. The Ministry of Commerce did not break down sales by industry. However, the State Council announced in May the government would provide subsidies to consumers to replace their old cars or electrical appliances with new ones. Beijing offered subsidies of 3,000 yuan to 6,000 yuan for replacing old and polluting cars, estimating the programme would lead to 500 billion yuan in spending. It also offered subsidies of up to 5,000 yuan to villagers when they bought cars valued at 30,000 yuan to 40,000 yuan. Shares of Hong Kong-listed carmakers, including Dongfeng Motor Group, Denway Motors and Geely Automobile Holdings, rose slightly yesterday. Gome Electrical Appliances Holding and Haier also closed higher. China International Capital Corp said that in the medium and long term, consumption data could be encouraging as a result of favourable government policies. It advised investors to be overweight in retail and consumption-related sectors. 'Compared with previous years, this year's National Day holiday was a day longer, [and] it was quickly followed by the Mid-Autumn Festival,' said analyst Guo Haiyan at CICC. 'These factors not only encourage travel but also boost sales for department stores, supermarkets and retailers of household appliances and branded apparel.' Wang Baoan, an official at the Ministry of Finance, said in August the government's future fiscal policies had five priorities: stabilising government investment, building a fiscal system to boost domestic demand, supporting new strategic sectors, strengthening policies that focus on rural areas and pushing ahead with reforms.