China’s consumer market rebounded during the just-concluded May Day holiday and the country will step up efforts to carry out stimulus policies to help further release domestic demand, a Chinese official said on Friday.
Twenty-eight provinces issued coupons worth of 19 billion yuan ($2.69 billion) amid the COVID19 outbreak, which effectively helped “restore domestic consumption,” Wang Bingnan, vice minister of commerce, told a press conference.
From May 1 to 5, major retail firms posted 32.1 percent growth in daily sales compared with the Qingming Festival in early April, Wang said.
Sales of durable consumer goods such as vehicles and electronic devices rebounded during the five-day holiday. Car companies in Shanghai, Southwest China’s Chongqing and East China’s Zhejiang posted sales growth of 49.6 percent, 8.5 percent 8.8 percent respectively.
Online shopping has also played a vital role in driving domestic consumption and livestreaming sales promotions have become a new attraction for Chinese consumers during the May Day holiday.
The number of livestreaming activities doubled and the number of products sold was 4.7 times greater during the period, Wang said.
In a bid to help foreign trade firms hedge mounting pressure from decreased orders due to the sluggish global markets, Chinese e-commerce platforms set up special channels for more than 100,000 foreign trade firms in sectors such as clothing, silk and toys. Some firms sold 60,000 items a day, according to the commerce ministry.
Wang noted that more efforts will be made to marshal new forces to promote domestic consumption such as launching online shopping festivals and further developing the e-commerce business in rural areas across the country.
People wearing face masks are seen shopping at a supermarket in Foster City, the United States, April 22, 2020. (Photo by Li Jianguo/Xinhua)
