China to launch month-long effort in May to boost consumption
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People visiting a newly opened shopping mall in Beijing earlier this month. China's retail sales surged 34.2 per cent year on year last month, surpassing a 28 per cent gain expected by analysts.
PHOTO: REUTERS
BEIJING • China will launch a series of promotional activities, including a new consumer goods expo in southern Hainan province, next month to boost spending as the country's retail sector recovers from Covid-19-induced consumer caution.
Expanding domestic consumption is a priority in China's "dual circulation" economic strategy first highlighted by President Xi Jinping in May last year, which also called for a reduced dependence on foreign markets.
China's retail sales surged 34.2 per cent year on yearlast month, surpassing a 28 per cent gain expected by analysts and stronger than the 33.8 per cent jump in January-February.
More significantly, retail revenues were 12.9 per cent higher than March 2019 - before the coronavirus pandemic.
As the country enters a five-day Labour Day holiday, it will kick off the month-long spending campaign in Shanghai on May 1, with activities including a car show, commerce ministry spokesman Gao Feng told a press conference on Sunday. Other major cities such as Beijing, Chongqing and Suzhou will also hold sales next month, he added.
E-commerce platforms will also be offering sales on food, travel and cultural and sporting products by "good-quality brands" for half a month.
Events planned in other cities include a food fair in Yangzhou in eastern Jiangsu province from Thursday, and a fair from May 12 in Guangzhou in southern Guangdong province that will showcase well-known brands.
The city of Haikou in the sub-tropical island of Hainan - positioned by Beijing as a major Chinese consumption and tourism hub - will hold its consumer goods expo from May 7 to 10.
Besides domestic products, the inaugural expo will showcase consumer brands from 69 countries and regions including Japan, Britain and the United States, with over 10,000 merchandisers and more than 200,000 visitors anticipated.
Global brands such as Swatch, Shiseido, Dell and Tesla have confirmed their participation in the expo, according to Chinese state media.
REUTERS
