The total retail sales of social consumer goods are 22.8 trillion yuan

Sino-US economic and trade frictions have lasted for more than a year. Recently, the United States has repeatedly unilaterally escalated frictions. Chinese enterprises and people have long been accustomed to exerting extreme pressure on them. Although some people in the United States have repeatedly voiced their concern over China's economy, escalated tariff threats and unjustifiably suppressed Chinese enterprises, data and facts have proved that China is fully confident, confident and capable of dealing with risks and challenges calmly. Where does China's calm response come from? The Central Radio and Television Station, China Voice, launched a special plan, The Source of China's Economic Firmness. Today, it broadcasts its first article, The Attraction of China's Great Domestic Market.

According to News Vertical and Horizontal of China Voice, CCTV, less than 80 days before the Second China International Import Expo was held in late August. Although the Sino-US economic and trade frictions have been escalating recently due to the reasons of the US side, the American enterprises that signed up to participate in the Second China International Import Expo have shown great enthusiasm, No. Only the number of exhibitors exceeds that of last year, and the area of exhibitors is 35% more than that of last year.

Peng Jiening, Vice President of the National Committee on U.S. -China Trade, said, "We have received very positive feedback from American companies that participated in the Expo last year. A large number of procurement contracts were completed and fully implemented at last year's exhibition. These business opportunities have increased members'interest in participating in the Expo in 2019. William Kevin, President of Government Affairs and Policy of General Electric Corporation (GE), also expressed firm confidence in the Chinese market: "President Xi Jinping announced and promised to continue to open the Chinese market to overseas enterprises like us, which also strengthened our determination to further develop the Chinese market. The convening of the Import Expo will further deepen the economic and trade globalization and promote the upgrading of China's industries, which will also benefit us. We will continue to participate in the process of China's economic transformation and grow with China. According to the data, the total retail sales of consumer goods in China reached 22.8 trillion yuan in the first seven months of this year, with a high growth rate of 8.3%. Upgrading consumption is driving China's economy forward steadily. What does 22.8 trillion yuan mean? Zhao Ping, a consumer expert and director of international trade research at the China Institute for the Promotion of Trade, said that the scale of China's consumer market is approaching that of the United States. "From the perspective of the scale of the consumer market, the commonly used"total retail sales of social consumer goods"in China and the"retail sales plus food retail sales"in the United States are comparatively close. 

According to these two comparable calibers, the total retail sales of consumer goods in China in 2017 are equivalent to 94.1% of the market size of the same caliber in the United States. In 2018, the total retail sales of consumer goods in China were equivalent to 95.36% of the retail sales of the same caliber in the United States. According to the current growth rate of China's consumer market, we can catch up with the United States in the next two to three years. In the first half of this year, the contribution rate of consumption to economic growth was 60.1%, which was significantly higher than that of total capital formation and net exports of goods and services. Why can the huge consumer market become a major force in China's economic development? What is the relationship between good consumption and high-quality economic development? Zhao Ping explained: "The world's major economic powers, including large economies such as Europe and the United States, mainly rely on domestic demand for economic growth. For China, the contribution of domestic demand to GDP has been at a high level. Even in the year with the fastest growth rate of foreign trade, the contribution rate of consumption in economic growth is far higher than that of foreign trade. In domestic demand, consumption is the ultimate demand, while investment is the derived demand. Therefore, the sustained and stable growth of the consumer market means that the quality of China's economic growth is getting better and better, because investment is to increase supply against demand, economic structure is further optimized, and economic development will enter a stage of high-quality development.

It is not only large-scale, but also has great potential for consumption upgrading. This is mainly reflected in the fact that in terms of consumption capacity, the growth of residents'income in China is faster than that of economic growth, and it remains at a relatively high level, which lays an important material foundation for the growth of consumer market. Secondly, the driving force of innovation in China's market is constantly accelerating, especially in channel innovation and production based on Internet, information technology and artificial intelligence. In addition, China has a huge market of nearly 1.4 billion people, of which more than 400 million middle-income groups have strong purchasing power and a broad service consumption market. At the 12th China-Northeast Asia Exposition in Changchun, Jilin Province, President of Japan Medical Welfare Association and Chairman of Japan Ji Business Federation, Longwu Tsingjing, told reporters that Japanese enterprises are eager to participate more in the field of medical and health cooperation: "This time we brought 26 Japanese enterprises, involving medical and health care. Rehabilitation and pension. During the meeting, we contacted 12 enterprises and discussed the project of the Big Health Industrial Park and the Eco-town of International Medical and Nursing Integration. We are ready to sign eight more projects to jointly establish a Sino-Japanese Joint Venture Medical Welfare College to promote the big health industry in China.

The International Monetary Fund's recently published External Risk Report 2019 shows that China's current account surplus as a share of GDP has dropped sharply from about 10% in 2007 to 0.4% in 2018, and that China's external position basically conforms to the medium-term economic fundamentals, indicating that China's economic growth no longer depends on export-driven, but shifts to domestic demand-driven. "Promoting the formation of a strong domestic market and continuously releasing the potential of domestic demand" was also included in this year's "Government Work Report". As you can imagine, one has more.