China’s consumer market demonstrated remarkable resilience in 2023, contributing significantly to the nation’s economic growth. With the economy expanding by 5.2 percent, China aims to further boost growth by around 5 percent in 2024.
Consumption, exports, and investment have solidified their roles as the three primary drivers propelling China’s economic expansion. The retail sales of consumer goods reached an impressive 47.15 trillion yuan (about $6.63 trillion) in 2023, underscoring the robust purchasing power of Chinese consumers.
Moreover, the annual contribution of final consumption expenditure to China’s economic growth was a staggering 82.5 percent in 2023. This marks an improvement of 43.1 percentage points compared with 2022, highlighting the increasing importance of domestic consumption in driving the economy forward.
As China looks toward 2024, the focus on strengthening the consumer market remains a pivotal strategy. The resilience and potential of China’s consumer market not only bolster domestic economic stability but also present significant opportunities for global businesses and investors.
Reference(s):
cgtn.com
