Robust consumption has been thriving and helping to underpin China’s economic recovery, while the country is energetically spurring consumer spending to strengthen one of the pillars needed to support high-quality growth.
China’s total retail sales of consumer goods, a major indicator of the country’s consumption strength, climbed 7.2 percent year on year to reach 47.15 trillion yuan (about 6.63 trillion U.S. dollars) in 2023, an obvious sign of the Chinese people’s growing readiness to purchase.
The annual contribution of final consumption expenditure to China’s economic growth was 82.5 percent last year, improving by 43.1 percentage points compared with 2022.
As the final component of economic circulation, dynamic consumption is key for the smooth running of a country’s economy. Faced with complicated situations both at home and abroad, China is striving to forge consumption into a powerful engine to drive economic circulation.
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