Consumer activity continues to recover

According to data from the State Information Center, the average value of offline consumption activity from January to February increased by 3.9 percent year-on-year, which was better than last year.

After the Spring Festival holiday, offline consumption vitality quickly rebounded. The week after the festival (Feb 18 to 23) saw an increase of 2.6 percent over the same period last year. The rapid return of the bustling scene in shopping malls indicated the rapid recovery of residents' offline consumption vitality. In terms of online consumption, the life service industry shows vigor and vitality. According to the State Information Center, the vitality value of life service consumption in February 2024 was 134.1, and the consumption scale of life service in China increased by 34.1 percent year-on-year. Among them, the vitality value of the catering industry, tourism industry, leisure and entertainment industry, as well as accommodation industry was 127.4, 146.1, 157.5 and 152.9, respectively, which was significantly higher than the same period last year.

Recently, Goldman Sachs, UBS and other international financial institutions said in their reports that in 2024, China's consumption and service industry will continue the recovery trend after the pandemic.

The International Monetary Fund also raised its growth forecast for China's economy and other emerging economies in Asia in 2024 recently. Emerging economies in Asia as a whole are expected to grow by 5.2 percent this year, up 0.4 percentage points from its forecast in October last year, as China's growth is likely to exceed expectations, the IMF said.