China’s retail sales are likely to grow by around 6% in 2022, according to a Hong Kong-based think tank. The predicted growth stems from China’s recovery from the impact of the coronavirus and Beijing strengthening policies to boost consumption, reports the South China Morning Post. The general focus will be on green living and rural consumption.
“Consumption remains a key pillar of China’s economic growth,” Chang Ka-mun, managing director of Fung Business Intelligence Centre (FBIC), said at the release of the “Ten Highlights of China’s Commercial Sector 2022” report on Friday. “Though regional resurgences of Covid-19 have restrained consumption, the overall trend of consumption upgrading [in China] will continue to aid the recovery of the consumer market,” he added.
FBIC collaborated with the China General Chamber of Commerce for the report, gathering views and insights from over 160 Chinese experts. The report highlighted the central government’s efforts in facilitating comprehensive green transformation and building a modern rural distribution system.