Posted 1/22/2024, 12:00:00 AM
China's Economy Shows Resilience in 2023 with Robust Retail Sales, Tourism, Auto Sales
- China's retail sales grew 7.2% in 2023 to 47.15 trillion yuan, showing strong consumer demand
- Cultural tourism is booming, with destinations like Harbin seeing a huge spike in visitors
- New energy vehicle production and sales surged over 35% in 2023
- Unemployment fell to 5.2% in 2023 while incomes rose, putting more money in consumers' pockets
- China has over 400 million middle-income consumers now, expected to hit 800 million in 15 years, creating massive domestic demand