China to further boost domestic consumption in 2022
China will further boost and upgrade the domestic consumption for it to better serve the country's new economic development model, Xu Xingfeng, a senior official fro...
This year, China's domestic consumption is expected to continue with the on-year growth on the backup of China's efficient pandemic control, the ever-growing number of middle-class citizens and policy support, according to him.
In 2021, the whole society's consumer goods retail revenue grew 12.5% on year to Yuan 44.1 trillion ($6.98 trillion), or contributing to 65.4% of China's total domestic gross product (GDP) growth, according to the official data.
To boost domestic consumption in 2022, China will further facilitate the auto sales especially second-hand and new-energy vehicles, encourage the trade-ins of electrical home appliances, and support the expenditures in dining, as they are among the four pillars in the country's consumption together with furniture, Xu elaborated.
Besides, the country will promote new consumption products such as fashion produce or those that are artificial intelligence-related, experience-oriented or customized.
In for the rural areas, Beijing will further improve the commercial and logistics networks to facilitate the consumption among the local citizens, while in the urban areas, the focus will be on upgrading for greater convenience and higher quality.
In 2022, promotional activities will be conducted on festive occasions in the formats of both online and offline to further inspire domestic consumption, according to Xu.
Despite the crucial role of domestic consumption, China is fully aware of the importance of foreign trade too, as it contributed to 20.9% of China's GDP growth for 2021, supported around 180 million jobs in 567,000 trading companies, and helped to stabilize the domestic supply chains in many sectors as well as prices, Li Xingqian, a second MoC official, added.
For 2021, China ranked the top among global trade of goods and its total trade value soared 21.4% on year to Yuan 39.1 trillion, while in the same year, China's investments in the "Belt and Road Initiative" countries also hit the highest since the launch of the initiative in 2013, gaining 7.9% on year or accounting for 14.8% of China's total foreign investment at Yuan 936.7 billion, MoC officials shared at the press conference.
Written by Hongmei Li, li.hongmei@mysteel.com
This article has been published under an exchange agreement between MySteel Global and SteelMint.
