China's online retail market expanded in the first quarter due to a recovery in sectors such as online travel and strong cross-border e-commerce, China's Ministry of Commerce said on Friday.
According to data published on the official website of China's Ministry of Commerce, online retail sales in the same period rose 12.4% year-on-year to 3.3 trillion yuan (US$456 billion), mainly driven by service-based consumption. It is said that it was.
Online travel led this surge, nearly doubling its year-over-year growth rate in the quarter, while the online food category, which includes food delivery and restaurant reservation services, grew in the same period due to pent-up demand for travel and dining. It grew by 27.8%. It was unleashed when life returned to normal after three years of the coronavirus pandemic.
Chinese Prime Minister seeks opinions from 'friendship ambassadors' as tensions rise
Chinese Prime Minister seeks opinions from 'friendship ambassadors' as tensions rise
Sales of smart wearable gadgets were another highlight, increasing 30.9% year over year in the quarter, while online retail sales of produce rose 28.2%.
The Commerce Department also said its efforts to boost sales of consumer goods such as home appliances and cars through trade-in programs linked to the country's major e-commerce platforms are showing preliminary results, with online purchases of trade-in items more than doubling. He said it had become. .
In an effort to boost economic growth amid an uneven post-COVID-19 recovery, the Chinese government will boost domestic demand and consumption by encouraging consumers to trade in and upgrade existing home appliances and cars. It is said that
China's State Council has announced a goal to increase the amount of old home appliances recycled by 30% by 2027, and will use government support funds to subsidize new purchases and encourage financial institutions to lower down payments on cars. , promised fiscal and monetary policy support. debt.
Economist says the 'drastic change' in China's economy was unexpected by the Chinese government
Economist says the 'drastic change' in China's economy was unexpected by the Chinese government
According to data from the Ministry of Public Security, China had a total of 336 million cars at the end of 2023.
Zheng Zhajie, director of the National Development and Reform Commission, said at a press conference during the 14th National People's Congress that “substitution of automobiles and home appliances could create a market space worth 1 trillion yuan.'' Ta.
Driven by booming trade with partner countries in China's Digital Silk Road initiative, cross-border e-commerce expanded by 9.6% in the first quarter to reach 577.6 billion yuan. With post-COVID-19 growth remaining fragile, the Chinese government is increasingly turning to exports to boost the economy.
The National Bureau of Statistics reported on Tuesday that the economy grew faster than expected in the first quarter at 5.3%, thanks in part to “increased overseas demand driving export growth in the industrial sector.” said Ding Shuang, Standard's chief China economist. reserved.
The World Internet Council (WIC), a Beijing-based organization promoting China's digital development vision, held a forum this week in Xi'an, the capital of western Shaanxi province, where participants from member countries of China's Belt and Road Initiative met and discussed. A wide range of topics focused on facilitating cross-border trade.
In his speech at the forum, WIC Deputy Secretary-General Liang Hao credited cross-border e-commerce for supporting China's economic growth, calling it “a new engine of global economic growth with great potential.”
