MOC expects consumption to steadily grow this year

China's consumption market will continue to show a stable development trend this year, fueled by the continuous efforts of various policies and measures to help expand domestic consumption, the Ministry of Commerce said on Tuesday.

In the first two months of this year, total retail sales of consumer goods reached 8.37 trillion yuan ($1.15 trillion), up 4 percent year-on-year, and the growth rate was 0.5 percentage points higher than the whole year figure of last year, data from the ministry showed.

Over the same period, catering revenues grew by 4.3 percent year-on-year, and the growth rate was 1.6 percentage points higher than that of December.

"China's consumption market is resilient, with great potential and vitality, and the fundamental trend of recovery and improvement remains unchanged," said Li Gang, director-general of the department of market operation and consumption promotion of the Ministry of Commerce, during a news conference in Beijing.

Brick-and-mortar retail enterprises have been accelerating their digital transformation, innovating and enriching consumption scenes, and improving consumption experiences.

In January and February, among entities above the designated size, retail sales of warehouse member stores maintained double-digit growth. Retail sales of convenience stores, specialty stores and supermarkets climbed by 9.8 percent, 5.4 percent, and 4 percent on a yearly basis, respectively, the ministry said.

Service consumption has also continued to expand, and new types of consumption such as digital, green, and intelligent consumption are rapidly developing, providing strong support for the continuous recovery and improvement of the country's consumption market.

In January and February, total retail sales of services increased by 4.9 percent year-on-year, and online retail sales grew by 7.3 percent year-on-year, the Ministry of Commerce said.

Meanwhile, retail sales of new energy vehicles in the two-month period jumped by 35.5 percent year-on-year, and the penetration rate reached about 45 percent in the country, according to data from the China Automobile Dealers Association.