Tianjin Uptick Reflects China's Consumption Recovery
Inside a western-style building in the Xiaobailou business district of North China's Tianjin municipality, Tihanyi Istvan from Hungary is explaining the history and tasting methods of Hungarian red wine to dozens of customers at a wine-tasting session.
In 2018, after graduating with a master’s degree from Tianjin University, Istvan stayed in the city to start his own business. He took Hungary’s distinctive red wine as a starting point for imports and sales, boosting the presence of his nation’s products in the Chinese market.
Since the beginning of 2023, the Hungarian’s company has seen a significant increase in the number of customers and orders, while more wine tasting events have been held during the first quarter.
In July 2021, Tianjin, along with Beijing, Shanghai, Chongqing and Guangzhou, was approved to take the lead in conducting the cultivation and construction of international consumption center cities in China. Now, the business districts of Tianjin have become platforms connecting global consumer markets and attracting consumers from all over the world.
Sun Jiannan, director of Tianjin’s municipal bureau of commerce, said that with the implementation of various consumption promotion policies, Tianjin’s consumption potential is gradually being unleashed. The city has designated 2023 as the Year of Consumption and will continue to hold a variety of consumption promotion activities.
Tianjin’s upbeat performance is just one of the examples reflecting the broader picture of revived consumption in China. According to data from the National Bureau of Statistics, the total retail sales of consumer goods increased by 5.8 percent year-on-year in the first quarter.
During the period, China’s foreign trade reached 9.89 trillion yuan, up 4.8 percent year-on-year, reversing a decline of 0.8 percent in the first two months of the year.
The World Trade Organization released a report earlier this month predicting that global trade will increase by 1.7 percent in 2023, up from the previous estimate of 1.0 percent in last October.
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