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China's consumption “main engine” power – Finance News

In Beijing, Donglaishun, Quanjude and other old-fashioned restaurants are full of people; in Shanghai, traditional cultural and folk attractions such as Zhujiajiao Ancient Town and Fengjing Ancient Town are visited by tourists; in Suzhou, tourists who buy snacks “socks and bottoms” are growing up…

“May 1” small holiday, the supply and demand of the consumer market across the country are booming, handing over bright transcripts. The 60 retail and catering enterprises monitored by the Beijing Municipal Department of Commerce achieved sales of 3.22 billion yuan in four days, a year-on-year increase of 6.5%. Shanghai received a total of 15 million tourists. The city’s 161 major tourist attractions (points), which were included in the holiday monitoring statistics, received 5.6 million tourists, a year-on-year increase of 33%.

Consumption is the “ballast stone” for the stable operation of China’s economy, and it is also the “main engine” that continues to promote China’s economic growth. According to the National Bureau of Statistics, in the first quarter, the total retail sales of consumer goods in China reached 977.90 billion yuan, an increase of 8.3% year-on-year. Among them, the growth rate was 8.7% in March, and the growth rate was 0.5 percentage points higher than that in January-February, which was a new high in the past six months. In the first quarter, the contribution rate of final consumption expenditure to economic growth reached 65.1%.

General Secretary Xi Jinping pointed out that efforts should be made to meet the final needs, improve product quality, speed up the development of education, child care, pension, medical care, culture, tourism and other service industries, improve the consumption environment, implement the special deduction policy for personal income tax, and enhance consumption power. Let the people eat with confidence, wear the heart, and use it comfortably.

Since the beginning of this year, China has continued to promote tax reductions and reductions, raise minimum wage standards, and promote employment. In particular, the personal income tax reform and special deduction schemes implemented at the beginning of the year have effectively increased the disposable income of residents. At the same time, we constantly eliminate the worries of household consumption. Consumer demand is further released, and the consumer market has many bright spots –

Consumption upgrades ran out of acceleration. According to the statistics of the National Bureau of Statistics, in the first quarter, the sales of consumption upgraded goods grew rapidly. The cosmetics and communication equipment of commercial enterprises above designated size increased by 10.9% and 10% respectively, respectively, and the growth rate was faster than the total retail sales of consumer goods 2.6 and 1.7 respectively. Percentage points. The quality of online retail has been continuously improved, and it has effectively driven consumption upgrades to better meet the needs of people’s personalized, diversified and quality consumption.

Emerging consumption brings new experiences. According to the statistics of the Ministry of Commerce, the retail sales of physical online goods in the first quarter reached 1.78 trillion yuan, a year-on-year increase of 21%, accounting for 18.2% of the total retail sales of consumer goods, an increase of 2.1 percentage points over the same period of the previous year. Accelerated integration of online and offline, new formats and new scenes such as unmanned supermarkets and new convenience stores are emerging, and more convenient and more consumer channels are gathering.

Consumer hotspots are more diversified. In the first quarter, the country’s catering revenue was 1,064.4 billion yuan, a year-on-year increase of 9.6%, which was 1.3 percentage points higher than the retail sales growth rate. The market segments such as popular catering and take-out have grown rapidly. In the first quarter, the per capita education, cultural and entertainment consumption expenditure of the national residents increased by 20.6% year-on-year, accounting for 9.9% of the per capita consumption expenditure, an increase of 1.1 percentage points over the same period of the previous year.

According to data released by the National Bureau of Statistics, in the first quarter, China’s consumer confidence index was 124.6, an increase of 3.2 points from the fourth quarter of last year, at a historically high level. Not long ago, the China Consumers Association announced the results of the 2018 Consumer Satisfaction Survey. The overall score of consumer satisfaction in 70 large and medium-sized cities was 73.68, which was generally at a good level. “At present, China’s supply-side structural reforms have been further promoted, with more goods and services, better quality, and better brands, which have further stimulated people’s desire to purchase. China is accelerating the establishment of a sound quality standard system with high levels, wide coverage and strong constraints. Strengthening the construction of credit system in the consumer sector, improving consumer rights and creating a safe and secure consumer environment. These measures have effectively boosted consumer confidence,” said Liu Yunan, inspector of the National Development and Reform Commission.

“As China’s consumption scale continues to expand, consumption levels continue to increase, and consumption structure continues to optimize, the fundamental role of consumption in economic development will become more prominent. This is not only the performance of China’s economic resilience, potential, and vitality, but will also be further enhanced. China’s economic anti-risk ability has added more stamina for high-quality development,” said Zhao Ping, director of the International Trade Research Department of the China Council for the Promotion of International Trade.

People’s Daily (01 May 20, 2019)

(Editor: Yuan Bo)

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