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China to launch month-long campaign in May to boost consumption

By Yew Lun Tian and Ryan Woo

BEIJING, Apr 25 (Reuters) – China will launch a series of promotional activities in May, including a new consumer goods exhibition in southern Hainan province, to boost spending as the Chinese retail sector recovers from caution in consumers induced by the COVID-19 pandemic.

Expanding domestic consumption is a priority in the “dual circulation” economic strategy initially announced by President Xi Jinping in May, which also calls for less dependence on foreign markets.

China’s retail sales grew 34.2% year-on-year in March, exceeding the 28% rise forecast by analysts and above the 33.8% jump from January-February. More important data showed that retail revenue was up 12.9% compared to March 2019, before the pandemic.

China will begin the month-long campaign to boost spending on May 1 in Shanghai, at the start of a five-day Labor Day holiday, with activities including a car show, he told a news conference on Sunday on Sunday. Commerce Ministry spokesman Gao Feng.

Other major cities such as Beijing, Chongqing and Suzhou will also have sales in May, he added.

The e-commerce platforms will also offer sales of food, travel and cultural and sports products of “good quality brands” for half a month.

Planned events in other cities include a food fair in Yangzhou City, eastern Jiangsu Province, starting Thursday, and a fair starting May 12, Guangzhou, southern Guangzhou Province, which will showcase well-known brands.

The city of Haikou on the subtropical island of Hainan, positioned by Beijing as a major tourism hub for China, will host the inaugural consumer goods expo from May 7 to 10 in which more than 10,000 traders and traders are expected to attend. more than 200,000 visitors.

(Reporting by Yew Lun Tian and Ryan Woo; Edited in Spanish by Ricardo Figueroa)

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