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
The 10th China-Russia Expo opened on Sunday in Harbin, the provincial capital of Heilongjiang in northeast China, highlighting the resilience, vitality and mutual benefits of China-Russia economic ties.
Held from May 17 to 21, this year's expo covers a floor space of 55,000 square meters, with more than 1,500 companies from 46 countries and regions taking part. Nearly 300 Russian companies are attending, while over 5,000 buyers are expected.
Since 2014, the event has attracted more than 7,200 Chinese and Russian companies and over a million visitors.
The China-Russia Expo is the largest comprehensive exhibition platform between the two countries.
President Xi Jinping and Russian President Vladimir Putin each sent congratulatory letters to the event, encouraging all sectors from both countries to seize the opportunity, make full use of their geographical proximity and economic complementarity, and further expand all-round practical cooperation.
"Leaders of the two countries have signed agreements to deepen practical cooperation, which we fully support. Russia and China stand side by side for common development, benefiting young people and all people. Such cooperation is timely and far-reaching. We are here in Harbin for the China-Russia Expo, coming from Russia's Sakha Republic. Our region is dominated by agriculture. We are seeking advanced farming technologies including irrigation equipment and harvesters. We hope to reach deals in the coming days to boost local development," said Vasiliy Petrovich Alexeev, head of Ust-Aidan Region of the Russian Federation.
"We are greatly inspired by the congratulatory letters from the heads of state of China and Russia. We will keep building targeted and efficient cooperation platforms, and smooth channels for sub-national exchanges between China and Russia," said Chen Shijun, president of Heilongjiang Council for the Promotion of International Trade.
China-Russia trade volume has surpassed 200 billion U.S. dollars for three consecutive years. China has been Russia's largest trading partner for 16 years running.
In the first quarter of this year, bilateral trade volume hit 60 billion U.S. dollars, a year-on-year increase of more than 14 percent.
This year's Expo features eight major exhibition zones. Beyond the exhibition halls, Russian delegations have also conducted field visits to Chinese companies. A delegation from the Republic of Buryatia visited one of northeast China's largest building materials distribution centers to explore potential areas of cooperation.
"Regular China-Russia economic and trade events continuously bring fresh cooperation opportunities for both sides. This field trip to Xilong Building Materials Market has helped us explore more practical directions and modes for bilateral cooperation," said Alexei Tsydenov, head of the Republic of Buryatia of the Russian Federation.
"Relying on Buryatia's abundant mineral resources and sound logistics conditions, we plan to build industrial parks focusing on home building materials, mineral resources and energy sectors in Russia. We will introduce advanced Chinese technologies and management models to drive coordinated industrial upgrading between the two countries," said Wu Jinrong, vice president of Harbin Xilong International Trade and Logistics Park.
From everyday consumer goods to advanced helicopters, and from mineral resources to intelligent robotics, China-Russia cooperation now spans a wide range of sectors. Economic ties and people-to-people exchanges between the two countries continue to advance toward higher-quality development and broader prospects.
China-Russia Expo promotes trust, cooperation, mutual benefit
