BEIJING – China’s consumption will see a rapid recovery this year on the back of a firming economy and pro-consumption measures, a report predicted.

The growth in the country’s retail sales of consumer goods will likely exceed 10 percent this year, the China General Chamber of Commerce said in a report.

One of the hardest-hit by the epidemic, China’s retail sales of consumer goods saw a 3.9-percent fall in 2020. The key barometer of consumption has gradually picked up in recent months, growing 4.6 percent in the fourth quarter of last year, nearing the sector’s pre-epidemic levels.

As China’s economy continues to firm up in 2021 and policies to boost consumption get implemented, the indicator will see accelerated growth, the report said.

The report also identified potential trends in China’s consumption this year, including a fast recovery of the catering industry as well as growing opportunities for cross-border e-commerce brought by the signing of the Regional Comprehensive Economic Partnership.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Uber cuts 25% of staff during pandemic

(CNN Business)Uber informed staff on Monday that it is cutting another 3,000 employees as it continues to grapple with the pressure from the global pandemic on its core business. The news comes less than two weeks after Uber announced layoffs…

Businesses left with bills as states halt virus supply deals

The call went out from states: Masks, gowns, gloves and other personal protective equipment were needed fast in the battle against the new coronavirus. Many businesses that jumped in to help this spring soon found themselves facing delays from suppliers…

The coronavirus economic ‘disaster’ scenario: Stagflation

New York (CNN Business)The Federal Reserve has already slashed interest rates by a half-point to counteract a possible coronavirus-induced economic slowdown. The market is pricing in a 100% chance of another rate cut at the Fed’s next meeting on March…

How the cell phones of spring breakers who flouted coronavirus warnings were tracked

(CNN)The Trump administration wants to use Americans’ smartphone location data to help track and combat the spread of coronavirus. Now, a pair of US data companies are making a public pitch to show just how that kind of technology might…