Commentary: Chinese New Year/Consumption

Robust holiday consumption signifies steady upward trend in China’s economy: commentary

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Shotlist


Beijing, China - Feb 11, 2019 (CCTV - No access Chinese mainland)
1. Screenshot of China Media Group (CMG) commentary on chinaplus.cri.cn

FILE: Shanghai, east China - Date Unknown (CCTV - No access Chinese mainland)
2. Facade of shopping mall
3. Various of shoppers at supermarket

Shanghai, east China - Feb 4, 2019 (CCTV - No access Chinese mainland)
4. Various of people shopping for imported products, products for sale

Beijing, China - Feb 11, 2019 (CCTV - No access Chinese mainland)
5. Animation showing consumption data of Chinese people during Spring Festival holiday
6. Screenshot of CMG commentary on chinaplus.cri.cn

FILE: Dalian City, Liaoning Province, northeast China - Date Unknown (CCTV - No access Chines mainland)
7. Various of tourists at ski resort
8. Various of tourists at hot spring resort

Xiamen City, Fujian Province, east China - Recent (CCTV - No access Chinese mainland)
9. Various of moviegoers at cinema

FILE: Nanjing City, Jiangsu Province, east China - Date Unknown (CCTV - No access Chinese mainland)
10. Various of people at restaurant

Beijing, China - Feb 11, 2019 (CCTV - No access Chinese mainland)
11. Animation showing consumption data of Chinese people during Spring Festival holiday
12. Screenshot of CMG commentary on chinaplus.cri.cn
13. Animation showing consumption upgrading of Chinese people during Spring Festival holiday, China's global economic status

FILE: Beijing, China - Aug 2018 (CGTN - No access Chinese mainland)
14. Various of customer entering Starbucks shop, customers at checkout counter

FILE: China - Exact Date and Location Unknown (CCTV - No access Chinese mainland)
15. Various of L'Oreal, Chanel counters in shopping mall, shoppers

FILE: Beijing, China - Feb 2018 (CGTN - No access Chinese mainland)
16. Clothing store in shopping mall
17. People shopping for clothes

Shijiazhuang City, Hebei Province, north China - Jan 29, 2019 (CCTV - No access Chinese mainland)
18. Various of people shopping for gold jewelry

Beijing, China - Feb 11, 2019 (CCTV - No access Chinese mainland)
19. Screenshot of CMG commentary on chinaplus.cri.cn

FILE: Nanjing City, Jiangsu Province, east China - Date Unknown (CCTV - No access Chinese mainland)
20. Various of people shopping for home appliances


Storyline

China's robust consumption during the week-long Spring Festival holiday is an indication of a steady upward trend in the country's economy, according to a commentary published Monday on the website of China Radio International (CRI), the China Media Group (CMG).

The following is an edited translation of the commentary:


China's consumption during the Spring Festival holiday achieved remarkable growth, despite a slowing economy.

Newly released statistics show over 400 million domestic trips were made during the week-long Lunar New Year holiday this year, an increase of 7.6 percent from the same period last year. Domestic tourism generated revenue of 76 billion U.S. dollars, an annual increase of over eight percent. Combined sales of retail and catering companies achieved annualized growth of 8.5 percent, reaching a new high of about 150 billion U.S. dollars. This robust growth reflects the huge potential of China's consumer market.

As the world's most populous country of nearly 1.4 billion people, China's spending on consumption contributed 76 percent to overall economic growth in 2018, with its Engel's Coefficient - the proportion of money spent on food and household expenses - down 0.9 percentage points annually. This indicates an upgrade in Chinese consumption. And that's why imported goods and high-tech products have become increasingly popular in Chinese New Year shopping baskets, and why domestic and international travel has been favored more and more by people living in third and fourth-tier cities.

The upgrade in Chinese consumption habits offers greater opportunities for global companies, such as Starbucks and L'Oreal. Starbucks now has roughly 3,700 stores in nearly 160 cities in China, up 18 percent from a year ago. And L'Oreal just posted its strongest sales growth in more than a decade thanks to strong demand in the Chinese market. CEO of the French cosmetics giant, Jean-Paul Agon, has said he is not concerned about the possibility of a slowdown in the Chinese economy, suggesting his company expects demand among Chinese people for their products will continue in 2019.

Echoing Agon's positive view is the Bank of America-Merrill Lynch China Activity Coincident Tracker, which attempts to measure economic activity in the country by synthesizing data from such economic markers as electricity production, exports, and retail sales. The tracker released in January rose 4.1 percent year-over-year, up from three percent in November.

China's economic growth slowed to a three-decade low of 6.6 percent last year, but remained at the forefront of the world's major economies. China's contribution to global economic growth last year exceeded 30 percent, remaining the biggest contributor. The newly released figures on Chinese consumption during the Lunar New Year holiday once again prove that the fundamentals of China's steady economic development have not changed, and that the overall momentum of sustainable growth has not changed. China will remain a powerful engine for continuing to motivate global economic growth.

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  • ID : 8102965
  • Published : 2019-02-12 06:10
  • Last Modified : 2019-02-13 10:05:19
  • Location : China
  • Category : economy, business and finance
  • Duration : 4'24
  • Audio Language : Nats/Part Mute
  • Source : China Central Television (CCTV)
  • Restrictions : No access Chinese mainland
  • Version : 5
  • ID : 8102965
  • Published : 2019-02-12 15:51
  • Last Modified : 2019-02-13 10:05:19
  • Location : Chine
  • Category : economy, business and finance
  • Duration : 4'24
  • Audio Language : Nats/Partiellement muet
  • Source : China Central Television (CCTV),China Global Television Network (CGTN)
  • Restrictions : Pas d’accès dans la partie continentale de Chine
  • Version : 5
  • ID : 8102965
  • Published : 2019-02-12 15:53
  • Last Modified : 2019-02-13 10:05:19
  • Location : الصين
  • Category : economy, business and finance
  • Duration : 4'24
  • Audio Language : الصوت الطبيعي/بعضه بلا صوت
  • Source : China Central Television (CCTV)
  • Restrictions : No access Chinese Mainland
  • Version : 5
  • ID : 8102965
  • Published : 2019-02-12 16:12
  • Last Modified : 2019-02-13 10:05:19
  • Location : Китай
  • Category : economy, business and finance
  • Duration : 4'24
  • Audio Language : Естественный звук/Частично немое
  • Source : China Central Television (CCTV),China Global Television Network (CGTN)
  • Restrictions : Недоступно материковой части Китая
  • Version : 5
  • ID : 8102965
  • Published : 2019-02-12 18:27
  • Last Modified : 2019-02-13 10:05:19
  • Location : China
  • Category : economy, business and finance
  • Duration : 4'24
  • Audio Language : Nats/Parte Muda
  • Source : China Central Television (CCTV),China Global Television Network (CGTN)
  • Restrictions : No acceso a la parte continental de China
  • Version : 5
  • ID : 8102965
  • Published : 2019-02-12 12:15
  • Last Modified : 2019-02-13 10:05:19
  • Category : economy, business and finance
  • Duration : 4'24
  • Audio Language : 自然音声/一部音声なし
  • Source : China Central Television (CCTV),China Global Television Network (CGTN)
  • Restrictions : 中国大陸での使用は不可
  • Version : 5
  • ID : 8102965
  • Published : 2019-02-12 10:20
  • Last Modified : 2019-02-13 10:05:19
  • Category : economy, business and finance
  • Duration : 4'24
  • Audio Language : Originalton/Teilweise ohne Ton
  • Source : China Central Television (CCTV)
  • Restrictions : Für das chinesische Festland nicht verfügbar
  • Version : 5

Commentary: Chinese New Year/Consumption

Robust holiday consumption signifies steady upward trend in China’s economy: commentary

Dateline : Feb 11, 2019/File

Location : China

Duration : 4'24

  • English
  • Français
  • العربية
  • Pусский
  • Español
  • 日本語
  • Deutsch


Beijing, China - Feb 11, 2019 (CCTV - No access Chinese mainland)
1. Screenshot of China Media Group (CMG) commentary on chinaplus.cri.cn

FILE: Shanghai, east China - Date Unknown (CCTV - No access Chinese mainland)
2. Facade of shopping mall
3. Various of shoppers at supermarket

Shanghai, east China - Feb 4, 2019 (CCTV - No access Chinese mainland)
4. Various of people shopping for imported products, products for sale

Beijing, China - Feb 11, 2019 (CCTV - No access Chinese mainland)
5. Animation showing consumption data of Chinese people during Spring Festival holiday
6. Screenshot of CMG commentary on chinaplus.cri.cn

FILE: Dalian City, Liaoning Province, northeast China - Date Unknown (CCTV - No access Chines mainland)
7. Various of tourists at ski resort
8. Various of tourists at hot spring resort

Xiamen City, Fujian Province, east China - Recent (CCTV - No access Chinese mainland)
9. Various of moviegoers at cinema

FILE: Nanjing City, Jiangsu Province, east China - Date Unknown (CCTV - No access Chinese mainland)
10. Various of people at restaurant

Beijing, China - Feb 11, 2019 (CCTV - No access Chinese mainland)
11. Animation showing consumption data of Chinese people during Spring Festival holiday
12. Screenshot of CMG commentary on chinaplus.cri.cn
13. Animation showing consumption upgrading of Chinese people during Spring Festival holiday, China's global economic status

FILE: Beijing, China - Aug 2018 (CGTN - No access Chinese mainland)
14. Various of customer entering Starbucks shop, customers at checkout counter

FILE: China - Exact Date and Location Unknown (CCTV - No access Chinese mainland)
15. Various of L'Oreal, Chanel counters in shopping mall, shoppers

FILE: Beijing, China - Feb 2018 (CGTN - No access Chinese mainland)
16. Clothing store in shopping mall
17. People shopping for clothes

Shijiazhuang City, Hebei Province, north China - Jan 29, 2019 (CCTV - No access Chinese mainland)
18. Various of people shopping for gold jewelry

Beijing, China - Feb 11, 2019 (CCTV - No access Chinese mainland)
19. Screenshot of CMG commentary on chinaplus.cri.cn

FILE: Nanjing City, Jiangsu Province, east China - Date Unknown (CCTV - No access Chinese mainland)
20. Various of people shopping for home appliances


China's robust consumption during the week-long Spring Festival holiday is an indication of a steady upward trend in the country's economy, according to a commentary published Monday on the website of China Radio International (CRI), the China Media Group (CMG).

The following is an edited translation of the commentary:


China's consumption during the Spring Festival holiday achieved remarkable growth, despite a slowing economy.

Newly released statistics show over 400 million domestic trips were made during the week-long Lunar New Year holiday this year, an increase of 7.6 percent from the same period last year. Domestic tourism generated revenue of 76 billion U.S. dollars, an annual increase of over eight percent. Combined sales of retail and catering companies achieved annualized growth of 8.5 percent, reaching a new high of about 150 billion U.S. dollars. This robust growth reflects the huge potential of China's consumer market.

As the world's most populous country of nearly 1.4 billion people, China's spending on consumption contributed 76 percent to overall economic growth in 2018, with its Engel's Coefficient - the proportion of money spent on food and household expenses - down 0.9 percentage points annually. This indicates an upgrade in Chinese consumption. And that's why imported goods and high-tech products have become increasingly popular in Chinese New Year shopping baskets, and why domestic and international travel has been favored more and more by people living in third and fourth-tier cities.

The upgrade in Chinese consumption habits offers greater opportunities for global companies, such as Starbucks and L'Oreal. Starbucks now has roughly 3,700 stores in nearly 160 cities in China, up 18 percent from a year ago. And L'Oreal just posted its strongest sales growth in more than a decade thanks to strong demand in the Chinese market. CEO of the French cosmetics giant, Jean-Paul Agon, has said he is not concerned about the possibility of a slowdown in the Chinese economy, suggesting his company expects demand among Chinese people for their products will continue in 2019.

Echoing Agon's positive view is the Bank of America-Merrill Lynch China Activity Coincident Tracker, which attempts to measure economic activity in the country by synthesizing data from such economic markers as electricity production, exports, and retail sales. The tracker released in January rose 4.1 percent year-over-year, up from three percent in November.

China's economic growth slowed to a three-decade low of 6.6 percent last year, but remained at the forefront of the world's major economies. China's contribution to global economic growth last year exceeded 30 percent, remaining the biggest contributor. The newly released figures on Chinese consumption during the Lunar New Year holiday once again prove that the fundamentals of China's steady economic development have not changed, and that the overall momentum of sustainable growth has not changed. China will remain a powerful engine for continuing to motivate global economic growth.

ID : 8102965

Published : 2019-02-12 06:10

Last Modified : 2019-02-13 10:05:19

Source : China Central Television (CCTV)

Restrictions : No access Chinese mainland

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