China’s recovery, expansion of consumption ‘topmost priority’, Vice-Premier He Lifeng says, as major expo returns

Consumption, a critical driver to China’s post-pandemic economic recovery, will be a vital bridge between domestic and international markets amid efforts to increase investment from multinational companies, Vice-Premier He Lifeng said on Monday during the opening ceremony of an international consumer expo.

“We will spare no effort to expand domestic demand, place the recovery and expansion of consumption as a topmost priority, and further give play to the role of consumption as a foundation for the economy,” He said during the opening ceremony of the third China International Consumer Product Expo in Haikou, Hainan province.

The week-long event is the first major international expo held in China after Beijing reopened its borders.

The expo is expected to send a strong message to global investors that China’s market still holds vast potential amid its economic rebound, with authorities already having attached great importance to consumption.

To reach the goal, China will roll out more robust measures and events to boost spending, increase incomes, while also creating new services and accommodating new consumer needs, He said.

“We are ready to cooperate with entrepreneurs to jointly explore new growth points in consumption,” he said.

“We sincerely welcome more multinational companies to deep plough the Chinese market and expand investment.”

In the past few years, China’s economy, especially consumer spending, has been crippled by stringent virus restrictions, a weakening property sector and regulatory crackdowns.