SOURCE / ECONOMY
NBS: consumption recovery has not changed, economic stability supported
Published: Sep 15, 2021 08:45 PM
Residents enjoy food at Guiyang, Southwest China's Guizhou Province on Friday.
 China will work to improve the consumption of domestic residents and support the recovery and development of the consumer service sectors, according to a government work report submitted to the national legislature for deliberation on Friday. Photo:cnsphoto

Residents enjoy food at Guiyang, Southwest China's Guizhou Province on Friday.  China will work to improve the consumption of domestic residents and support the recovery and development of the consumer service sectors, according to a government work report submitted to the national legislature for deliberation on Friday. Photo:cnsphoto



The National Bureau of Statistics (NBS) said on Wednesday that the slowdown in consumption growth in August was mainly due to the impact of the epidemic and flooding in parts of the country, and that the overall recovery of consumption has actually not changed. 

Based on available data, there remains a strong case for China's economy to maintain momentum toward stable recovery, Fu Linghui, the spokesperson said on Wednesday. 

The comment came after China released its August data, as the retail sales stood at 3.44 trillion yuan ($534 billion), up 2.5 percent year-on-year, compared with an 8.5-percent surge in July.

Although the growth rate of total retail declined in July and August, mainly due to new localized COVID-19 outbreaks and flooding, the employment situation supports that consumption has remained stable, Fu said.

Major players in the consumer market are also showing confidence in China. Fast food giant McDonald's China told the Global Times the epidemic has accelerated its digitalization and delivery business, and its Chinese business is still developing rapidly although facing challenges created by the epidemic.

Last year, we opened 550 new restaurants, a record high and higher than our original goal. We expect to open more than 600 restaurants this year, the company said in a note sent to the Global Times on Wednesday. 

The Beijing Ronald McDonald House — which will provide free accommodation and other care services to children in need and their family members visiting the Beijing Children Hospital from various parts of China for medical treatment — was officially opened earlier on September 9. 

It is hoped that the facility can help by "keeping families close" during what is often a trying time. It is the third Ronald McDonald House to be established in the Chinese mainland.

The Coca-Cola Company recently launched Coca-Cola products with brand-new packaging in the China market, part of the company's effort to upgrade product packaging worldwide after the "One Brand" global marketing strategy launched in 2016. 

Fitch expects that Swire Coca-Cola Ltd's revenue from China will continue to increase, as Swire Coca-Cola reported that revenue rose by 4 percent and 26.3 percent, respectively, in 2020 and the first half of 2021, higher than expectations. 

As the epidemic prevention and control gradually takes effect, rising consumption patterns will become more obvious, Fu said.   

The Ministry of Commerce said in August that China has become the world's second largest consumer market and the largest trading country.

Chinese officials said that China will promote steady growth in consumption and take effective measures to open up and boost foreign trade and investment, while maintaining stable economic performance.

Global Times 


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