China has become the second largest consumer market in the world Last year it was 41.2 trillion yu
发布日期：2020-10-22
During the 13th Five-Year Plan period (2016-2020), China's consumption has continued to expand and become the second largest consumer market in the world.
In 2019, China's total retail sales of consumer goods exceeded 40 trillion yuan (RMB, the same below), and the contribution of final consumer spending to economic growth remained at about 60 percent, making consumption the primary engine of economic growth for six consecutive years. From 2016 to 2019, China's annual retail sales of consumer goods increased from 33.2 trillion yuan to 41.2 trillion yuan, and consumption has played a more fundamental role in economic development.
At the same time, China's consumption structure continues to upgrade. Over the past five years, new forms and models of consumption have flourished, and integration of online and offline, upstream and downstream of the industrial chain, and cross-border integration has become the new normal. Flexible production makes the once assembly line products "turn" into personalized customized goods; All kinds of "fancy services" lead Chinese consumption into a new era, quality, diversified consumption gradually become the mainstream; The two-way flow of industrial products to the countryside and agricultural products to the cities will be more smooth, and the potential of rural consumption will be further unleashed.
During the epidemic period, consumption was greatly impacted. But at the same time, new business forms and models such as online education, Internet medical care, telecommuting, and live streaming of goods (sales) continue to emerge, leading to faster expansion of new types of consumption in China, while online consumption is growing against the trend. In the first eight months of this year, China's online retail sales of physical goods grew 15.8 percent year on year, 24.4 percentage points higher than the growth of total retail sales of consumer goods. In August, the growth rate of China's total retail sales of consumer goods turned positive for the first time this year. (Source: China News Agency, Hong Kong)
In 2019, China's total retail sales of consumer goods exceeded 40 trillion yuan (RMB, the same below), and the contribution of final consumer spending to economic growth remained at about 60 percent, making consumption the primary engine of economic growth for six consecutive years. From 2016 to 2019, China's annual retail sales of consumer goods increased from 33.2 trillion yuan to 41.2 trillion yuan, and consumption has played a more fundamental role in economic development.
At the same time, China's consumption structure continues to upgrade. Over the past five years, new forms and models of consumption have flourished, and integration of online and offline, upstream and downstream of the industrial chain, and cross-border integration has become the new normal. Flexible production makes the once assembly line products "turn" into personalized customized goods; All kinds of "fancy services" lead Chinese consumption into a new era, quality, diversified consumption gradually become the mainstream; The two-way flow of industrial products to the countryside and agricultural products to the cities will be more smooth, and the potential of rural consumption will be further unleashed.
During the epidemic period, consumption was greatly impacted. But at the same time, new business forms and models such as online education, Internet medical care, telecommuting, and live streaming of goods (sales) continue to emerge, leading to faster expansion of new types of consumption in China, while online consumption is growing against the trend. In the first eight months of this year, China's online retail sales of physical goods grew 15.8 percent year on year, 24.4 percentage points higher than the growth of total retail sales of consumer goods. In August, the growth rate of China's total retail sales of consumer goods turned positive for the first time this year. (Source: China News Agency, Hong Kong)
