Consumption key to revving up economy

Updated: Feb 20, 2024 China Daily Print
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China's huge domestic market of more than 1.4 billion people, coupled with significant growth in demand for food, hotels, travel, shopping and entertainment during the Spring Festival holiday, has led to the heating up of its holiday economy.

Data from the Alipay platform show that during the eight-day holiday, overseas consumption by platform users increased by 140 percent year-on-year, with consumption in Southeast Asian countries surging by 580 percent year-on-year, partly driven by the region's visa-free policy toward Chinese tourists.

Greater efforts to restore and expand consumption, create new consumption scenarios and new consumption drivers, and enhance people's consumption capacity and consumption desires have injected a strong momentum into the sustained recovery of the Chinese economy.

From the perspective of the law of economic development, the characteristics of major economies are dominated by domestic demand and internal circulation. As an important engine for unimpeded domestic circulation, consumption will remain a lasting driving force for the Chinese economy.

The rosy consumer market during the Spring Festival holiday once again tells that China still has a broad space for consumption growth. If the country follows the development trend, and makes great efforts to enrich market supply, innovate consumption scenarios and stimulate consumption potential, it will have a stronger and more vibrant engine for high-quality development.


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