Spokesperson's Remarks｜China's supersized consumption market provides enormous cooperation opportunities for countries around the world

China's supersized consumption market provides enormous cooperation opportunities for countries around the world, Chinese Foreign Ministry spokesperson Guo Jiakun said at a regular press conference in Beijing on Thursday.

Recently, many global financial institutions indicated in their 2025 economic outlooks that China's high-quality development is gradually yielding fruits, and they expect higher proportions for consumption and the service sector. During the recent Spring Festival holiday, the average daily sales revenue of China's consumption-related industries increased by 10.8 percent year-on-year, in which goods consumption and service consumption grew by 9.9 percent and 12.3 percent year-on-year respectively and the overall orders for cross-border travel saw a 30-percent growth year-on-year. Citigroup noted in a report that "China had a solid start to the Year of the Snake." 

Guo said that during the Spring Festival of the Year of the Snake, China witnessed a burgeoning consumption market with record-setting sales revenues in "Guochao", or trendy merchandise inspired by traditional Chinese culture, intangible cultural heritage experience, ice and snow economy, and consumer goods trade-in programs. New consumption models kept emerging driven by digital transition and technological development. China's consumption market is going through profound transformation from quantitative growth to qualitative progress.

"We saw strong supply and demand of imported products on the Spring Festival shopping lists. More Chinese people went abroad and more foreign travelers visited China." Guo added.

Guo pointed out that the booming and thriving consumption market in China reflects not just the rebound of demand, but also greater confidence of all sectors in the Chinese economy. It speaks to the defining feature of the Chinese economy characterized by continued structural improvement, greater internal driving force and stronger resilience for development. With a package of incremental policies being rolled out and implemented, China will inject stronger confidence and impetus to global economic growth through its high-quality development and high-standard opening up.(By Ma Ziqian/China Youth Daily)