In this March 12, 2020 photo, tourists shop at a duty-free shopping mall in Sanya, South China's Hainan province. (PHOTO / XINHUA)
BEIJING – China's consumption will see a rapid recovery this year on the back of a firming economy and pro-consumption measures, a report predicted.
The growth in the country's retail sales of consumer goods will likely exceed 10 percent this year, the China General Chamber of Commerce said in a report.
One of the hardest-hit by the epidemic, China's retail sales of consumer goods saw a 3.9-percent fall in 2020. The key barometer of consumption has gradually picked up in recent months, growing 4.6 percent in the fourth quarter of last year, nearing the sector's pre-epidemic levels.
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According to the report, as China's economy continues to firm up in 2021 and policies to boost consumption get implemented, the indicator will see accelerated growth.
The report also identified potential trends in China's consumption this year, including a fast recovery of the catering industry as well as growing opportunities for cross-border e-commerce brought by the signing of the Regional Comprehensive Economic Partnership.