A Catalyst for Economic Recovery and Global Collaboration

China's Consumption Market Thrives, Signaling Robust Economic Recovery

China's consumption market continues to thrive, signaling a robust economic recovery and offering vast opportunities for international collaboration, according to Chinese Foreign Ministry spokesperson Guo Jiakun. This growth reflects both the country's structural transformation and the growing confidence in its economy.

Impressive Growth in Consumption-Related Industries

As China enters the Year of the Snake, the nation's consumption-related industries are showing impressive growth. This is evident in the recent Spring Festival holiday, where the average daily sales revenue of China's consumption-related industries increased by 10.8 percent year-on-year. Goods consumption and service consumption grew by 9.9 percent and 12.3 percent year-on-year respectively, and overall orders for cross-border travel saw a 30-percent growth year-on-year.

New Consumption Models Emerge

China's consumption market is going through a profound transformation from quantitative growth to qualitative progress. New consumption models are emerging, driven by digital transition and technological development. This is evident in the popularity of "Guochao," trendy merchandise inspired by traditional Chinese culture, intangible cultural heritage experience, ice and snow economy, and consumer goods trade-in programs.

Strong Demand for Imported Products

The Spring Festival also saw strong supply and demand of imported products. More Chinese people went abroad and more foreign travelers visited China. This highlights the enormous cooperation opportunities that China's supersized consumption market provides for countries around the world.

Confidence in the Chinese Economy

The booming and thriving consumption market in China reflects not just the rebound of demand, but also greater confidence of all sectors in the Chinese economy. It speaks to the defining feature of the Chinese economy characterized by continued structural improvement, greater internal driving force, and stronger resilience for development.

China's Contribution to Global Economic Growth

With a package of incremental policies being rolled out and implemented, China will inject stronger confidence and impetus to global economic growth through its high-quality development and high-standard opening up. This will further solidify China's position as a key driver of global economic recovery.