Foreign Ministry: China's consumption boom presents opportunities for all countries

China's supersized consumption market provides enormous cooperation opportunities for countries around the world, a Chinese Foreign Ministry spokesperson said on Thursday.

Spokesperson Guo Jiakun made the remarks when asked to comment on 2025 economic outlooks released by many global financial institutions, which suggest that China's high-quality development is gradually yielding fruits, and they expect higher proportions for consumption and the service sector.

Guo said that during the Spring Festival of the Year of the Snake, China witnessed a burgeoning consumption market with record-setting sales revenues in "guochao," or trendy merchandise inspired by traditional Chinese culture, intangible cultural heritage experience, ice and snow economy, and consumer goods trade-in programs. New consumption models kept emerging, driven by digital transition and technological development.

"We saw strong supply and demand of imported products on the Spring Festival shopping lists. More Chinese people went abroad, and more foreign travelers visited China," he said.

The prosperity of China's consumer market signifies not only a recovery in demand but also improved confidence in China's economic development, he said.

Guo added that 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.