Industry News

China’s surging consumption benefits global economy

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Author : Xian Jiangnan
Update time : 2019-12-20 15:14:38

(People's Daily Online)    14:24, December 20, 2019


China’s consumption, triggering a new round of release of domestic demand, is also contributing to global prosperity by attracting global businesses to the huge market.

Driven by the massive online promotion in November, China’s total retail sales of consumer goods hit 3.8 trillion yuan ($543.8 billion) last month, up 18 percent from a year ago. On November 11 alone, the annual online shopping festival of the country dubbed as “Double 11”, Chinese consumers bought as much as 268.4 billion yuan of commodities on e-commerce platforms, which represented a 25.7-percent rise year on year.

Apart from the sales of consumer goods, the tourism, culture, sports, elderly care and household services all witnessed rapid growth.

“Double 11”, a consumption feast created by China, is changing the consumption models of the world.

Around 500 million consumers from the globe have flocked into Alibaba’s e-commerce platforms for a variety of commodities ranging from mobile phones, home appliances and snacks.

Online retail service AliExpress of Alibaba is now the first choice for many consumers around the world. In Russia, nearly 1 out of 6 people is the user of the service, and 23.9 percent of the cross-border orders of online shopping in Brazil were completed on AliExpress.

Southeast Asia is home to huge numbers of young consumers who are highly dependent on internet, but e-commerce is still at an initial stage there. China’s successful experience of building rural e-commerce hubs has been introduced to Malaysia, creating new opportunities local farmers. In the Philippines, “Double 11” has effectively supplemented the country’s traditional Christmas shopping season and extended locals’ passion for shopping.

Besides, China’s ride-hailing, food delivery and mobile payment services have also been introduced to Indonesia, Vietnam, Singapore and Thailand by local internet companies.

As the huge market of China is continuously releasing its energy, the country’s successful experiences are bound to bring more vitality to emerging economies and create more opportunities for the world.

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