China is developing new forms of trade to stimulate consumption

BEIJING China seeks to encourage consumption by using new forms of business as the creative impetus. Earlier this week, the country issued a guideline to accelerate the development of consumption through new types of business. Consumption has become an important driver of China's

Editorial Team Legacy

Published 24 September 2020, 8:00 · Updated 21:30

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China is developing new forms of trade to stimulate consumption

BEIJING

China seeks to encourage consumption by using new forms of business as the creative impetus. Earlier this week, the country issued a guideline to accelerate the development of consumption through new types of business.

Consumption has become an important driver of China's economic growth. In 2019 consumption contributed 57.8 percent of China's economic growth.

In the first 8 months of this year, online sales of physical goods in China grew by 15.8 percent year-on-year, compared with the 8.6 percent decrease in total retail sales of consumer goods.

The construction and marketing of a 5G business network will also be stimulated forward.

Live e-commerce is a new driver of consumption. In the first half of this year, more than 10 million e-commerce live broadcasts were conducted across the country, with more than 400,000 active live broadcasters, 50 billion viewers, and 20 million products offered for sale.

China is developing new forms of trade to stimulate consumption

Editorial Team Legacy

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