China's consumer market showed a stable growth with robust demand in the first quarter of 2024, an official with the Ministry of Commerce said at a press conference in Beijing on Friday.
Xu Xingfeng, director of the Department of Market Operation and Consumption Promotion at the Ministry of Commerce, elaborated on three characteristics of the consumer market in the first quarter.
"First, the growth was stable, which was mainly embodied in the bulk consumption of commodities like automobiles, home appliances, and household items. In the first quarter, sales of new autos reached 6.72 million units, up 10.6 percent year on year. Of them new energy vehicles increased by 31.8 percent year on year. Sales of home appliances above designated units rose by 5.8 percent year on year. The growth of building materials was even more outstanding with its retail sales growth rate turning from negative to positive to 2.4 percent after the first quarter," said Xu.
"Second, the demand was robust, particularly in service consumption. In the first quarter, retail sales in service consumption grew by 10 percent year on year, six percentage points higher than the growth rate of the retail sales of commodities. Residents' per capita expenditure on services increased by 12.7 percent year on year, accounting for 43.3 percent of per capita consumption spending. Revenue from catering services reached 1.34 trillion yuan (about 185.1 billion U.S. dollars), up 10.8 percent year on year," he said.
"Third, there were many bright spots, mainly embodied in new types of consumption. In the first quarter, online retail sales hit 3.3 trillion yuan, a year-over-year increase of 12.4 percent. The online retail sales of physical goods reached 2.8 trillion yuan, growing by 11.6 percent and making up 23.3 percent of the total retail sales," said Xu.
Consumer market sees stable growth in Q1
Consumer market sees stable growth in Q1
On his second official visit to China, Prime Minister of the Republic of Vanuatu Charlot Salwai expressed admiration for China's remarkable ability to balance preserving its cultural heritage with embracing innovative transformation.
Salwai paid an official visit to China from July 7 to 12. During his trip, he toured the southern province of Guangdong and explored the megacities of Beijing and Shanghai. His visit included tours of high-tech companies, a ride on a high-speed train, and a performance of traditional Cantonese opera.
In an interview with China Central Television Network (CCTV) aired on Friday, Salwai recounted his journey starting with a warm welcome that included enjoying Beijing Roast Duck, also known as Peking Duck -- a culinary delight introduced to him by the Chinese ambassador in Vanuatu.
"Many had to say. Peking Duck. Because we had it here on our arrival, so it was very tasty. And I understand that the Chinese ambassador in Vanuatu brought us to one of the traditional restaurants, small but beautiful," he said. The prime minister sees China's preservation of its culture as a vital lesson in understanding one's roots and the journey to the present day, acknowledging China's efforts to integrate cultural preservation with modernization.
"It's going to be my second official visit to China. I'm always impressed to see big changes and especially innovations made by China and especially the cities. Because a big impression is to see how China continues to maintain and keep its culture. Because I think it's the basis of everything -- to know where you come from and to understand where we are today. I feel that China is doing a lot to maintain its culture, but at the same time, doing, innovating to transform its culture,” Salwai said.
He also emphasized the importance of learning from China's sustainable development strategies.
"Today, it comes from a long way, some hardship, the government, and also the people of China. So, I'm impressed to see what is done, especially how China associates infrastructure development with nature. That's meant to keep, continue to keep the environment. It takes effort with the climate change by maintaining the ecosystem. I think it's something that, for a small country like Vanuatu, is important to learn. So, we are here. I'm here with my delegation to learn," Salwai said.
Vanuatu's PM commends China's cultural preservation, innovation amid fast growth
