BUSINESS China's consumer spending to fully recover from COVID-19 fallout

BUSINESS

China's consumer spending to fully recover from COVID-19 fallout

Xinhua

16:38, January 30, 2021

Tourists shop at a duty-free shopping mall in Sanya, South China's Hainan province, on March 12, 2020. (Photo: Xinhua)

BEIJING - China's consumer market is expected to show a recovery growth trend this year, as various policies to expand domestic demand continue to take effect, according to the Ministry of Commerce.

China maintained its position as the world's second-largest consumer market last year, with sales of consumer goods reaching 39.2 trillion yuan ($6.06 trillion), the MOC said at a press conference Friday.

Consumption remains the "ballast stone" for the stable development of the economy, accounting for 54.3 percent of its gross domestic product, said the MOC.

China ranked as the world's largest online retail market for the eighth straight year in 2020, with online sales surging by 14.8 percent year-on-year.

Official data also showed more than 24 million livestreaming marketing activities took place in 2020, as a legion of leading influencers became household names through their online sales.

To further boost consumption, the MOC will roll out a series of policies including expediting online and offline integration, expanding rural consumption, and promoting the construction and renovation of convenience stores, breakfast shops, vegetable markets and other convenient service facilities.

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