China’s consumption will be the backbone of economic recovery in 2023

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❇️ As megacities such as Beijing and Guangzhou, South China’s Guangdong province, emerge from the initial wave of coronavirus infections during the country’s transitional phases of response to COVID-19, a friendly buzz gradually returns to revive the virus-stricken consumer market.
❇️ Adding to the pleasant buzz are the many actions by local governments in support of consumption to prepare excited crowds for joyous moments as the New Year and Spring holidays approach.
❇️ With growing signs of a fundamental resurgence in consumer sentiment after three years of fighting the virus, industry insiders and economists alike are bolstering their faith in the country’s purchasing power, which may have gone into some hibernation amid a lingering epidemic.
❇️ A superstrong signal from the central government to give a boost to consumption on a variety of fronts is thought to accelerate a reset in consumption.



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