May 09, 2024 10:30 GMT
MNI BRIEF: China Holiday Consumer Market “Prosperous” - MOFCOM
MNI (BEIJING)
MNI (Beijing)
China’s consumer market was “prosperous and active” during the recent May holiday, Ministry of Commerce spokesperson He Yadong told reporters on Thursday.
Sales of automobiles, home appliances, and furniture, increased by 4.8%, 7.9%, and 4.6% y/y respectively, while online retail sales of physical goods grew “rapidly” by 15.8% y/y, He said.
Regarding recently-announced Rules for Automobile Trade-in Subsidies, He said many regions have began implementation of the measures, and MOFCOM will now develop a car trade-in platform, and launch mini programmes to facilitate car scrapping and renewal subsidies.
MOFCOM's large-scale consumer goods trade-in programme alongside related fiscal and credit support will generate over CNY1 trillion of domestic demand by boosting automobile and household goods consumption, consolidating economic recovery, a high-ranking official recently told MNI. (SEE: MNI INTERVIEW: China Trade-ins To Boost Consumption - MOFCOM's XuKeep reading...Show less
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