E-commerce giants and economists are expecting high sales data for the ongoing 2024 Double 11 online shopping spree in China, due to the implementation of a series of government subsidies to stimulate consumption.
"Double 11", which falls on Nov 11 every year, was launched by Chinese tech giant Alibaba in 2009. It has ballooned into an annual blockbuster period for retail, with days of discounts attracting customers to the country's online shopping platforms.
Data from e-commerce platforms such as Tmall, JD.com, and Douyin show that home appliances have been the top-selling category during the pre-sale period that started on Oct 14 this year, the earliest on record.
As the shopping spree reaches its climax on Monday, analysts and investors are watching for signs that consumption is rebounding in the world's second-largest economy after recent efforts by the government to boost activity.
Sluggish domestic consumption is among the top issues now facing policymakers in China, which has struggled to achieve a full post-pandemic recovery.
The Chinese government has in recent weeks announced a slew of the most aggressive measures in years aimed at bolstering growth, including key rate cuts and increasing the debt limit for local governments.
Analysts from the ING banking group said in a note last week that it expects to see "solid growth numbers" during the event, which it said "should comfortably outpace the overall consumption growth momentum".
The shopping spree this year is expected to generate over 1.2 trillion yuan (about 167 billion US dollars) in total sales volume, a growth of 15 percent compared to the previous year, said VO2 Asia Pacific, a consultancy specializing in the digital economy.
E-commerce giants expect high sales for Double 11 online shopping spree
E-commerce giants expect high sales for Double 11 online shopping spree
Visiting Chinese Foreign Minister Wang Yi said Saturday China is willing to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and advance the China-Lesotho strategic partnership.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with Lesotho Prime Minister Sam Matekane in the capital of Lesotho.
During the meeting, Wang congratulated Lesotho on the 60th anniversary of its independence this year, and spoke highly of Lesotho government's efforts to prioritize economic development and steer the African country onto a path of sustainable growth. Since the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) in 2024, the two sides have advanced cooperation under the 10 partnership action plans unveiled at the summit, successfully implementing a number of key projects to effectively promote Lesotho's development and revitalization, Wang said.
China stands ready to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and push for greater development of the China-Lesotho strategic partnership, he added.
Calling on the two sides to firmly support each other, Wang said that China will accelerate the implementation of its zero-tariff policy for African countries, including Lesotho, expand bilateral trade, investment and industrial cooperation, facilitate broader access of Lesotho's specialty products to the Chinese market, and continue to support Lesotho's national development.
China will continue to stand firmly with African countries, uphold justice for the Global South, including Lesotho, oppose unilateralism and acts of bullying, and work together to build a community with a shared future for humanity, Wang said.
On his part, Matekane said during the meeting that Lesotho cherishes its friendship with China and the strategic partnership between the two countries, and expressed gratitude for China's valuable support for the development of African countries, including Lesotho.
Lesotho firmly adheres to the one-China principle and resolutely supports China in safeguarding its core interests, he said, noting that his country stands ready to strengthen strategic mutual trust with China, expand people-to-people exchanges, jointly implement the outcomes of the FOCAC Beijing Summit, and deepen cooperation in areas such as infrastructure, manufacturing and energy.
Matekane stressed that China's zero-tariff policy for African products will inject new impetus into Lesotho's development. He also expressed Lesotho's willingness to strengthen solidarity and cooperation with China on multilateral platforms such as BRICS to jointly address global challenges.
On the same day, Wang also held talks with Lejone Mpotjoana, minister of foreign affairs and international relations of Lesotho.
China, Lesotho to strengthen exchanges, advance cooperation
China, Lesotho to strengthen exchanges, advance cooperation
