On October 31, China International Chamber of Commerce, Deloitte China Research Center and Ali Research Institute jointly released the “China Import Consumer Market Report” in Shanghai. The report pointed out that China’s consumption growth has promoted the continuous development of import business, China has become the world’s largest importer of E-Commerce consumers, and the number of cross-border E-Commerce import consumers has increased tenfold in three years. After 90s and 95s, consumers became the largest import consumer groups. .
Yu Min, a local secretary of the China National Committee of the International Chamber of Commerce, said that although the multilateral trading system has been hit, unilateralism and trade protection ideas have continued to rise, but in the current environment, economic globalization is still an irreversible trend.
Yu Min further stated that from 2001 to 2017, the average annual growth rate of China’s imports of goods trade reached 13.5%, 6.9 percentage points higher than the global average, becoming the world’s second largest importer, and the import volume of goods reached 200,000. In the US$100 million, the growth rate of service trade reached 16.7% over the same period, accounting for nearly 10% of the total import of global service trade.
It is pointed out that the continued expansion of consumption has become the main tone of China’s economic development. In 2017, the total retail sales of consumer goods in China reached 36.6 trillion yuan, a year-on-year increase of 10.2%, accounting for about 25% of the total global retail sales. The impact of online retailing has become increasingly prominent. As the world’s largest online retail market, the overall size of China’s online retail market in 2017 exceeded 7 trillion yuan, and continued to maintain a high growth rate of 32% throughout the year.
Gao Hongbing, vice president of Alibaba Group and president of Ali Research Institute, said, “China is becoming one of the largest consumer markets in the world, and this huge consumer market is still open. On the one hand, China’s tax reduction on imported consumer goods is increasing. On the other hand, China’s policy continues to encourage new formats such as cross-border import of E-Commerce.”