China will launch an online shopping festival to prop up consumption after its economic growth contracted 6.8 percent year on year in the first quarter.
The festival, the second of its kind, marks the latest step taken by the world’s second-largest economy to expand domestic consumption and blunt the impacts of the novel coronavirus epidemic on its economy, according to a statement on the Ministry of Commerce (MOC) website.
Over 100 e-commerce companies will take part in the festival, selling a great variety of quality goods ranging from agricultural products to electronic devices. Consumers are expected to enjoy steeper discounts and better services, according to the statement.
China is pinning more hopes on domestic consumption to revive its economy as the ongoing coronavirus pandemic worldwide depressed external demand.
The country’s retail sales of consumer goods, a major indicator of consumption growth, declined 19 percent year on year in the first quarter.
The festival, which will run from April 28 to May 10, is jointly launched by the MOC, the Ministry of Industry and Information Technology, the State Post Bureau and the China Consumers Association.