The imprisonment of 20 million in China casts a shadow over the Lunar New Year

10,000 more distributors are added for the Lunar New Year… Ministry of Land, Infrastructure and Transport, special management such as rework prevention

China’s retail sales in November grew by just 3.9 percent year over year, according to figures from the National Bureau of Statistics, down from the 4.9 percent increase in October and despite the big purchases that occurs annually on Singles’ Day sales on Nov. 11. China’s year-on-year economic growth is expected to drop below 4 per cent in the fourth quarter of 2021. In 2020, retail sales in the country reached 39.2 trillion renminbi, falling short of the 48 trillion renminbi that Beijing set when it released its previous five-year plan in 2016.

Story Highlights:

  • It would be the third year in a row that the virus has interrupted traditional celebrations for the lunar year. Hubei province, where the virus first emerged, went into months-long lockdown just days before the holiday in 2019. In December, China announced its new five-year plan revealing it is targeting 50 trillion renminbi, or $7.85 trillion, in annual retail sales by 2025, of which online retail sales will account for 17 trillion renminbi.

  • Xian, although it falls outside what China terms its Tier One cities, is an important engine for the economy and contributor to retail spending in the west of China. Tianjin, part of the northeastern economic cluster Jing-Jing-Ji, is also an important hub. The sidelining of these two cities is sure to accelerate the slide in retail sales. Last year the government urged people to reduce all but the most essential travel and introduced a moderate level of travel restrictions. This led many people to stay put in urban areas instead of returning to their hometowns. However, at the time cities mostly operated unencumbered and the transferred spend to shopping and eating out helped boost businesses revenues. If continued, the partial or full lockdowns seen now would mean the opposite outcome for the season.

News Highlights SpaceHeadline: Confinement of 20 million in China casts a shadow over Lunar New YearCheck all news and articles from the Space news information updates. Disclaimer: If you need to update/edit this article then please visit our help center. For Latest Updates Follow us on Google News

Check the latest news about Space news section for best information related to Space topic.

The best source of news - newszf.com
Logo
Compare items
  • Total (0)
Compare
0