Consumer will remain key to China's rising growth momentum in 2020 too

THE JUST-CONCLUDED CENTRAL Economic Work Conference pointed out that the basic trend of steady and long-term improvement of China's economy has not changed. The resilience and potential of the Chinese economy will help it overcome any risks and challenges ahead. Beijing Youth Daily comments:

China should realize that it still is in a critical period of transforming the growth model, optimizing economic structure and transforming growth drivers in the face of mounting downward pressures. Simultaneously, the world economy, too, is undergoing adjustments because of a prolonged slowdown, while sources and risks of global turbulence are on the ascendant.

Not losing focus is essential for China to cope with the complicated situations at home and abroad. China's huge market and potential for great domestic demand will be crucial for maintaining its economic stability and improving people's well-being. In fact, in the first three quarters of 2019, domestic demand proved to be the real ballast for China's economy, contributing as much as 80.3 percent to its economic growth.

The domestic market will remain its biggest strength even in 2020. And as China's economy undergoes a critical period of consumption upgrading, consumption will play a fundamental role in economic development. China's nearly 1.4 billion population and a more than 400 million middle-income group, together with the robust momentum of consumption upgrading, will accelerate the pace of the country's industrial upgrading and become a powerful engine for the economy's steady progress next year.

During the Singles' Day shopping festival this year, Tmall alone raked in 268.4 billion yuan ($38.4 billion), setting a new e-commerce single-day sales record.

To tap the huge potential of domestic demand and further boost consumption, China needs to work hard to strengthen its weak areas. As the Central Economic Work Conference emphasized, the country needs to work toward improving people's livelihoods, promote the steady growth of consumption, increase effective investment and unleash the potential of domestic market demand.