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Saturday, January 30, 2021, 18:04
China still world's 2nd largest consumer market in 2020
By Xinhua
Saturday, January 30, 2021, 18:04 By Xinhua

People shop at a duty-free store in Haikou, capital of South China's Hainan province, on Nov 10, 2020. (PHOTO / XINHUA)

BEIJING - China's consumer market is expected to show a recovery growth trend this year, as various policies to expand domestic demand continue to take effect, according to the Ministry of Commerce (MOC).

READ MORE: Consumption expansion holds key to making dual-circulation effective

China was ranked the world's largest online retail market for the eighth straight year in 2020, with online sales surging by 14.8 percent year-on-year

China maintained its position as the world's second-largest consumer market last year, with sales of consumer goods reaching 39.2 trillion yuan (about US$6.06 trillion), the MOC said at a press conference Friday.

Consumption remains the "ballast stone" for the stable development of the economy, accounting for 54.3 percent of its gross domestic product, said the MOC.

China was ranked the world's largest online retail market for the eighth straight year in 2020, with online sales surging by 14.8 percent year-on-year.

Official data also showed more than 24 million live-streaming marketing activities took place in 2020, as a legion of leading influencers became household names through their online sales.

ALSO READ: China to focus on sustainable, resilient growth

To further boost consumption, the MOC will roll out a series of policies including expediting online and offline integration, expanding rural consumption, and promoting the construction and renovation of convenience stores, breakfast shops, vegetable markets and other convenient service facilities. 

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