According to information released by the National Bureau of Statistics of China recently, as the impact of the epidemic gradually subsides and consumption promotion policies and measures in various regions have shown significant effectiveness, the consumption potential of residents is gradually released, and consumer spending is accelerating to recover. The actual growth rate of consumption has shifted from a decrease of 1.7% for the entire year last year to a growth of 3.5% in the first quarter of this year. Investment, consumption, and exports are the "three carriages" driving China's economic growth. Many foreign media outlets have expressed that the launch of China's consumption "carriage" has brought confidence to the international community. The latest data on "signs of recovery are emerging" has released positive signals. According to AFP, economic data released by the National Bureau of Statistics recently showed that the total retail sales of consumer goods in China increased by 10.6% year-on-year in March, marking the largest rebound since June 2021 and reflecting the recovery trend of household consumption in China. The website of Voice of America reported that the total retail sales of consumer goods in China have maintained a growth trend, with a 7.1 percentage point increase in March compared to January February. Driven by consumption, China's GDP grew by 4.5% in the first quarter of this year. As the whole society emerges from the impact of the epidemic, the consumption expenditure of Chinese households is starting to increase, "said the website of Spanish newspaper La Gazetteer. Many foreign media have noticed that China's offline consumption scene "fireworks" continues to return. The Wall Street Journal reported that China's non manufacturing business activity index reached its highest level in more than a decade in March. This indicates that Chinese consumers are returning to shops and restaurants for consumption. People are flocking to shopping centers and restaurants, and consumption is rebounding. "The Associated Press quoted a report from analysts at the Oxford Institute of Economics as saying that Chinese consumer confidence is steadily rising, and pent up demand has not yet been fully released. This indicates that there is still room for consumption driven recovery. According to a report on the website of Consumer News and Business Channel in the United States, China's non essential consumer goods industry is recovering, with industries such as pearl milk tea and hot pot experiencing a hot scene. According to the report, the sales of Chinese hotpot chain store Haidilao have surged by nearly 80% year-on-year as of the end of 2022. The recent performance of China's tourism consumption market has also been very impressive. Singapore's Asia News website reported that China's tourism bookings have returned to pre pandemic levels, with a surge in tourism orders during the upcoming May Day holiday. According to data from Ctrip, by early April, China's domestic travel orders during the May Day holiday had already caught up with 2019, with a year-on-year increase of over seven times. According to Meituan data, domestic tourism orders during the May Day holiday increased by about 200% compared to the same period in 2019, reaching the highest level in five years. Chinese people are starting to consume again, "the New York Times reported in an article. So far, China's consumption in services such as catering and tourism has been extremely strong this year. In the first three months of this year, the recovery of the Chinese economy exceeded expectations. According to expert analysis cited on the website of the Spanish newspaper La Gazetteer, various factors indicate that Chinese consumer spending is steadily increasing, which will drive Chinese companies to increase their profits in the consumption sector in the coming years. "It is foreseeable that as China takes measures to stimulate consumption, the situation will further improve in the second quarter. Bringing good omens for enterprises: China's consumer recovery has attracted many international companies to smell business opportunities. The Nihon Keizai Shimbun reported that,
Edit：He Chuanning Responsible editor：Su Suiyue
Source：People's Daily
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