China’s Consumption Policies Fuel Economic Recovery: National Retail Sales on the Rise
In a press conference held by the State Council Information Office on July 17, Fu Linghui, spokesperson of the National Bureau of Statistics, announced that as China’s economy continues to rebound, the government’s efforts to promote consumption policies are proving effective, resulting in a steady expansion of residents’ consumption and the development of new consumption momentum.
According to the latest data, the total retail sales of consumer goods nationwide reached 22.8 trillion yuan in the first half of this year, marking an 8.2% year-on-year increase. This growth rate is significantly faster than last year, indicating a strong recovery. In nominal terms, the per capita consumption expenditure of Chinese residents experienced an 8.4% year-on-year increase, surpassing the same period of the previous year by 5.9 percentage points. The national catering revenue also witnessed a notable growth of 21.4% year-on-year, while the operating passenger traffic soared by 56.3% year-on-year.
The first half of the year also saw national retail sales of goods rise by 6.8% year-on-year, with 80% of enterprises above the designated size maintaining growth. Notably, retail sales of upgraded commodities such as gold, silver, jewelry, sports, and entertainment products increased by 17.5% and 10.5% respectively.
This positive trend in consumption is driven by changing consumer preferences and the successful implementation of policies aimed at promoting consumption upgrades. Sales of new energy passenger vehicles surpassed 3 million units, marking a remarkable year-on-year increase of 37.3%. Additionally, the retail sales of low-energy household appliances and audio-visual equipment for units above the designated size also increased by more than 20% year-on-year.
The recovery of offline consumption scenes, including sports events, concerts, and theater performances, has played a significant role in driving the expansion of consumption. The first half of the year witnessed a 38.5% year-on-year increase in the per capita cultural and entertainment expenditure of Chinese residents, while the national movie box office revenue rose by 52.9% and the number of moviegoers surged by 51.8%. Furthermore, the rural consumer market remained active, with retail sales of rural consumer goods experiencing a faster year-on-year growth rate of 8.4% compared to urban areas.
Fu Linghui emphasized that China is currently in the process of upgrading its consumption structure and experiencing rapid development, showcasing immense consumption potential. To maintain a healthy consumption order, various regions and departments have introduced and implemented policies to promote consumption, resulting in an improved consumption environment that boosts consumer confidence.
While the recovery of China’s consumption sector is promising, it is important to acknowledge that the impact of the COVID-19 pandemic and other external factors may still pose challenges. However, the continuous growth in national retail sales and the positive outlook for consumption signify a recovering economy that is well-positioned to harness its substantial consumption potential.
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