A saleswoman promotes stuffed toys via livestreaming at an international trading center in Baigou New Township, Baoding City of north China's Hebei Province, Feb. 2, 2021. (Photo by Feng Yun/Xinhua)
BEIJING, Aug. 24 (Xinhua) -- China will boost the growth of new types of consumption at a faster speed to further give play to the role of consumption as a cornerstone for the national economy, reported Shanghai Securities News Tuesday quoting an official from the Ministry of Commerce (MOC).
Efforts will be made to develop new forms of business such as smart stores, contactless delivery and door-to-door services, and meanwhile encourage traditional circulation enterprises to create new immersive, experiential and interactive consumption scenarios, said the Minister of Commerce Wang Wentao at a press conference held Monday.
China has recently unveiled multiple policies at both central and local levels to foster new consumption.
"It is foreseeable that new types of consumption will inject a steady stream of growth momentum into the consume market in the future, with the continuous improvement of digital infrastructure, the overall acceleration of online and offline integration and the gradual formation of new consumption habits," said Fu Yifu, director of the consumer finance research center with Suning Institute of Finance.
Data showed that from January to July this year, China's online retail sales of physical goods registered 5.8 trillion yuan, up 17.6 percent year on year, much higher than the overall consumption growth in the same period.
According to Wang, efforts will also be made to upgrade traditional consumption, build county-level commercial systems, and improve commercial circulation facilities to further unleash the potential in rural consumer markets.
(Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)
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