China's economic, social progress in 2023: Total Retail Sales of Consumer Goods Hit Historical High

The year 2023 was the first year to fully implement the guiding principles of the 20th National Congress of the Communist Party of China and a year for economic recovery and development following three years of COVID-19 prevention and control. China has taken solid strides in building a modern socialist country in all respects.

On domestic trade, the Chinese consumer market continued to recover and rebound, demonstrating the resilience and vitality of the economy.

In 2023, China’s total retail sales of consumer goods grew by 7.2 percent to reach 47,149.5 billion yuan, hitting a record high. Grouped by consumption patterns, the retail sales of commodities were 41,860.5 billion yuan, up by 5.8 percent, and the income of catering industry was 5,289.0 billion yuan, up by 20.4 percent. The retail sales of services increased by 20.0 percent over the previous year.

Source: GMW.cn