Chinese stocks closed mixed on Wednesday, with the benchmark Shanghai Composite Index down 0.23 percent to 3,900.5 points.
The Shenzhen Component Index closed 0.29 percent higher at 13,316.42 points.
The combined turnover of these two indices stood at 1.78 trillion yuan (about 251.58 billion U.S. dollars), down from 1.92 trillion yuan on the previous trading day.
Shares related to ceramic, glass and cement production led the gains, while those involved in the electrical appliance, printing and packaging sectors suffered major losses.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 0.02 percent to close at 3,209 points Wednesday.
Chinese shares close mixed Wednesday
China's consumption growth continues to show resilience, with millions of new restaurants opening last year, underscoring robust demand in the domestic catering sector, said Zhang Yichen, a member of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC).
Zhang, who is CEO of CITIC Capital and chairs the master franchise of McDonald's China, told China Global Television Network (CGTN) that 3.5 million new restaurants opened across the country last year, including about 1,000 new McDonald's outlets annually.
At this year's "two sessions," Zhang urged policymakers to introduce measures that would encourage dine-in consumption, linking the restaurant boom to broader efforts to sustain domestic demand.
"This is the amazing resilience of the Chinese economy and Chinese enterprises overall. It's that you have another 3.5 million restaurants, new restaurants, opened," he said.
Zhang believes the key challenge now is reviving in-person dining and shopping to sustain long-term consumption growth.
"In the short term we're actually gaining from that. But in the long run, I believe overall the industry will suffer and the economy will suffer. That's why I brought up the issue and I'm so glad that the government is clearly agreeing with my views. The fact that we're (McDonald's China) opening 1000 restaurants a year and the fact that there are new restaurants still doing very well, it's a clear indication there is consumption power, you just have to find them," he said.
The "two sessions" are the annual meetings of China's supreme organ of state power, the National People's Congress (NPC), and the top political advisory body, the CPPCC. Both bodies serve five-year terms and hold a plenary session each year.
The fourth session of the 14th NPC and the fourth session of the 14th National Committee of the CPPCC opened in Beijing on March 5 and March 4, respectively.
Zhang’s remarks underscore both the resilience of China's consumer market and the need for policies to secure sustained demand, a key focus of this year’s "two sessions."
CPPCC member seeks measures to boost dine-in consumption as China's demand stays resilient
