Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Credit
Economy

China's consumer market recovering from coronavirus-induced downturn

April 17, 2020


Abstract : A Chinese commerce official said Thursday that the country's consumer market is recovering from a coronavirus-induced slump.

BEIJING, April 16 (Xinhua) -- A Chinese commerce official said Thursday that the country's consumer market is recovering from a coronavirus-induced slump.

As the country's epidemic control and prevention situation continues to improve, the consumer market is warming up, with a clear increase recorded in sales, Gao Feng, spokesperson for the Ministry of Commerce, said at a press conference.

Gao said growth of sales revenue at 5,000 major retailers rose 15.8 percentage points in March compared with that of February, and further improved into April.

The country's retail sales tumbled 20.5 percent year on year in the first two months of the year, typically a boom season for consumption, compared with an increase of 8 percent in December. The slump came amid the novel coronavirus outbreak during which the government extended the Lunar New Year holiday and advised residents to stay at home.

Retail sales, GDP and other economic indicators for the first quarter are due for release Friday.

Gao said in the short run, the pandemic has dealt a blow to the global economy and supply chains, and there is a need to enhance international cooperation to secure crucial supply chains.

For the longer term, Gao said the Chinese economy has great resilience, potential and plenty of room for policy maneuvering, and the economic fundamentals for sound development remain unchanged.

Scan the QR code and push it to your mobile phone

Keyword: consumer market

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial