China will continue to boost consumption: vice premier
China has become the second largest consumer goods market in the world. It is also an emerging mid- and high-end market. In 2022, the total retail sales of consumer goods reached 44 trillion yuan ($6.4 trillion), with an average annual growth rate of 7.9 percent in the past decade, said He Lifeng, member of the Political Bureau of the CPC Central Committee and vice premier of the State Council, at the opening ceremony of the third China International Consumer Products Expo which was inaugurated in Haikou, south China's Hainan Province, on Monday.
The advantages of a super-large-scale market have become more prominent with traditional and emerging consumption fields growing simultaneously. In 2022, China's online retail sales reached 13.8 trillion yuan ($2 trillion), ranking first in the world for 10 consecutive years, He said.
In 2022, China's imports of consumer goods reached 1.93 trillion yuan ($280.76 billion), an increase of 75.8 percent compared to 2017. China has become the fastest growing market for international brands in the fields of automobiles, beauty products, leather goods, clothing and jewelry. China actively shares market opportunities with other countries and the impacts of Chinese consumption on the world economy are becoming increasingly evident, according to He.
Going forward, China will focus on increasing the supply of high-quality goods and services. New demand can create new supply, and vice versa. China will focus on quality and branding, support enterprises to strengthen product research and development, encourage new modes of consumption, lower the barriers to entry for the service sector, and optimize the structure of consumer goods supply, he added.