Despite the complex and ever-changing global environment as we enter 2024, the Chinese mainland's economy has demonstrated a stable and progressive development trend, driven by its unique resilience and vitality. In the first quarter, China's GDP grew by 5.3 percent year on year, slightly higher than the full-year growth rate of 5.2 percent in the previous year. This indicates a dual impetus from consumption and exports, supported by a series of precise and effective macroeconomic policies.
In the first half of 2024, the domestic consumption market in China has shown significant signs of recovery, becoming the main engine of economic growth. With the dual effect of steadily increasing household income and the trend of \"consumption upgrading\", consumer demand has continued to rise. After a period of adjustment, service industries including retail, catering, culture, and tourism have seen revitalization. The integration of online and offline consumption models has further matured, aided by government measures such as consumer vouchers, employment support policies, and improvements in the social security system, effectively boosting market vitality and injecting stimulus into the prosperity of the consumption market.
Reference(s):
cgtn.com
