Singles' Day helps boost global recovery: China Daily editorial

Within half an hour of the annual Nov 11 online shopping gala beginning at the stroke of midnight on Wednesday, the total purchasing volume on Tmall alone exceeded 372.3 billion yuan ($56.4 billion), higher than a whole year's revenue of Morgan Stanley or Goldman Sachs.

Last year, the total consumption for the whole of the Singles' Day shopping event was 268.4 billion yuan. This year it took only 30 minutes for Tmall to achieve a sales volume that was 38 percent higher.

While that is partly a reflection of Chinese people finally releasing their consumption potential delayed as a result of the epidemic prevention and control measures at the beginning of the year, it is also indicative of their growing consumption power.

The event has set new sales records year after year. Now, 11 years after its birth, the Nov 11 festival has surpassed its original role as a simple sales booster and promotional event for Tmall to become a powerful engine of the national economy.

Data show that of the three engines, consumption, investment and exports, consumption is now the most powerful driver of the national economy. It has propelled China's economy from negative to positive growth in the first three quarters of the year, despite the COVID-19 pandemic and the attendant economic headwinds and uncertainties.

Over the years, the event has also caught the attention of foreign companies eyeing the Chinese market. Such that although born in China, it is now a worldwide phenomenon. For example, during the pre-selling period from Oct 21 to 31, during which consumers could order the discounted goods they wanted in advance, Estee Lauder, L'Oreal, and Lancome were among the most popular brands for their skin care products.

At a time when many developed countries are experiencing an economic recession, China with its robust economic recovery and strong consumption force has become a beacon of hope for many foreign companies trying to navigate a survival course through the pandemic.

According to fresh data from the General Administration of Customs, China's total foreign trade reached 25.95 trillion yuan in the first 10 months of the year, 1.1 percentage points higher than that of last year.

Every year after the Singles' Day, people ask each other: Did you participate in this year's hundred-billion yuan project?

Every company selling and every person buying in this year's event made contributions to the post-pandemic recovery of the nation and the world.