Robust consumption in China to facilitate stable economy in Q1

2019-03-17
Xinhua

BEIJING — A robust consumer market at the beginning of the year will provide a firm footing for stable economic growth in the first quarter, the Ministry of Commerce has said.

The MOC said in a statement that new growth points on the consumer market continued strong momentum, citing vigorous service consumption and steadily-growing online sales.

Catering and travel spending and box office revenues reported stellar increases thanks to the week-long Spring Festival holiday.

Restaurants across the country posted combined incomes of 725.1 billion yuan (around $108 billion) in the first two months, up 9.7 percent year-on-year. Box office revenues during the holiday hit a record high of 5.84 billion yuan.

Online goods sales jumped 19.5 percent from a year ago to surpass a trillion yuan during January and February, accounting for 16.5 percent of the country’s total retail sales.

While consumption gained momentum, consumer inflation remained tame, the MOC said, citing a 1.6-percent increase in consumer prices in the first two months, narrowing by 0.6 percentage points from a year ago.

Farm produce prices in 36 major cities retreated 1.8 percent year-on-year in February, ending an eight-month rising streak.