MKS sports on February 3, 2025. Photo: VCG" src="https://www.globaltimes.cn/Portals/0/attachment/2025/2025-02-06/e22e6a7d-b08a-4b1d-ab5f-fb26c307a080.jpeg" />

Visitors enjoy the Tianjin Drum Tower Lantern Festival in North China's Tianjin Municipality, on February 3, 2025. Photo: VCG

China's Foreign Ministry said on Thursday that China's supersized consumer market provides huge cooperation opportunities for all countries, and China will foster global economic confidence and drive sustained growth with its own high-quality development and high-level opening-up.

The remarks were made by the spokesperson Guo Jiakun at a regular press conference commenting on the latest economic data which indicates a strong start to China's Year of the Snake economy.

Recently, economic outlook reports released by several global financial institutions highlight that China's high-quality development is yielding tangible results, and the proportion of consumption and service industries is expected to further increase. 

During the just-concluded Spring Festival holidays, the average daily sales revenue of consumption-related industries increased by 10.8 percent year-on-year, of which commodity and service consumption increased by 9.9 percent and 12.3 percent respectively, and the overall cross-border travel orders increased by 30 percent. Citigroup noted in a report that China's economic activity saw a robust start in the Year of the Snake. 

In this regard, Guo said that during the Spring Festival holidays China's consumer market had witnessed a surge in demand for "Guochao" products, intangible cultural heritage experiences, winter sports-related spending and trade-ins for new consumer goods.

The Chinese consumer market is undergoing a shift from high-volume consumption to high-quality consumption, Guo said.

Sales of imported New Year goods surged, while Chinese and foreign tourists contributed to a two-way travel boom. China's supersized consumer market has provided huge cooperation opportunities for all countries, Guo added. 

He said that the booming Chinese consumer market reflects not only the recovery of demand, but also the improvement of confidence in China's economic development, indicating structural improvements, stronger domestic growth drivers, and greater economic resilience.

As the package of incremental policies takes effect, China will inject greater confidence and momentum into global economic growth with its own high-quality development and high-level opening-up, Guo added.

Global Times