China expected to grow enormous consumption market

Updated: Mar 11, 2023 By Zhang Yue Print
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China has great potential for growing an enormous consumption market, especially in its service sector, which is expected to see a robust consumption rebound this year, a political advisor said.

Ding Zuohong, a member of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) and chairman of Yuexing Group, made the remarks when meeting the press on Saturday afternoon.

"China has huge market potential indeed and hosts great prospects for growth," he said, "Since the start of this year, feedback from many of our shopping malls show that retail sales in clothes, furniture and household appliances have shown a strong rebound. Also, consumption in services, particularly those in catering and entertainment, are rising steadily. Renting a stall can even be quite competitive in some of our shopping malls. I think this shows that supportive policies towards consumption were rolled out in a timely manner and have generated tangible outcomes."

He said that China, with a market of 1.4 billion people, bears great potential in boosting huge domestic demand.

"We believe as people strive for better lives and with the improvement of business environment, the consumption market will become even more robust, and such vitality will surely add to China's economic growth momentum," he said.

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