China’s domestic consumption is gradually picking up: Minister

On August 9th, Minister of Commerce Zhong Shan mentioned that China’s total retail sales of consumer goods in the first half of the year was 17.2 trillion yuan, down 11.4%, and the rate of decline was 7.6 percentage points narrower than that in the first quarter.

On August 9th, Minister of Commerce Zhong Shan mentioned that China’s total retail sales of consumer goods in the first half of the year was 17.2 trillion yuan, down 11.4%, and the rate of decline was 7.6 percentage points narrower than that in the first quarter.

During the epidemic prevention and control period, the supply of daily necessities across the country was sufficient and prices were basically stable. Commodity consumption is picking up month by month.

In June, the retail sales of commodities were close to the level of the same period last year, and the sales of ten categories of commodities including home appliances and communication equipment increased.

Online consumption has become a new bright spot. The online retail sales of goods was 4.3 trillion yuan, an increase of 14.3%.

Service consumption has recovered. The decline of catering revenue narrowed by 11.5% from the first quarter, and the industry as a whole showed a recovery trend.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/08/09/china-s-domestic-consumption-is-gradually-picking-up-minister/.

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