CCTV News: Consumer Demand in China Shows Robust Growth
Since the beginning of this year, China’s economy has shown signs of recovery, fueling a series of policies aimed at expanding domestic demand and promoting consumption. As a result, consumer demand in both urban and rural areas has continued to expand, driving the growth of new consumption momentum.
According to recent data, China’s total retail sales of consumer goods reached 22.8 trillion yuan in the first half of this year, marking an impressive 8.2% increase compared to the same period last year. Additionally, the per capita consumption expenditure of national residents increased by 8.4% year-on-year, which is 5.9 percentage points higher than the growth rate recorded during the same period last year.
The service consumption sector has experienced rapid growth as well. The accommodation and catering industry recorded a 15.5% increase in added value, while the wholesale and retail, and transportation sectors saw year-on-year growth rates of 6.6% and 6.9%, respectively. Furthermore, the first half of the year witnessed the development and expansion of new types of consumption, such as greenization and digitalization, contributing to the increase in new consumption momentum. Notably, the sales of new energy passenger vehicles surged by 37.3% year-on-year, while the retail sales of low-energy household appliances and audio-visual equipment of large enterprises increased by over 20% year-on-year. The sales of smart home and wearable devices also experienced significant growth, highlighting the trend of consumer upgrading.
In light of these positive indicators, various departments are now introducing a series of policies to further promote household consumption and automotive electronics consumption. The aim is to work collaboratively in optimizing the urban and rural consumption environment, increasing the supply of high-quality consumer goods, and unleashing the potential of the extensive domestic demand market.
With China’s economy recovering steadily and consumer demand showing robust growth, the country is poised to further strengthen its position as a key player in the global market.
[Editor: Gong Ci]