The Ministry of Commerce (MOC) recently announced that China will launch an online shopping festival to boost demand following a 6.8 per cent year-on-year rise in the first quarter of its economic growth.

The festival, the second of its kind, marks the latest initiative taken by the world’s second-largest economy to increase domestic consumption and mitigate the effect of the novel coronavirus outbreak on its economy. Over 100 e-commerce companies will participate in the festival, offering a wide range of quality goods ranging from nagricultural products to electronic devices.

According to the assertion customers are supposed to enjoy steeper discounts and improved facilities.

As the ongoing corona-virus pandemic worldwide deprimed external demand, China is pinning more hopes on domestic consumption to revive its economy.

The festival, which runs from April 28 to May 10, will be jointly launched by MOC, the Ministry of Industry and Information Technology, the State Post Bureau and the Association of China Consumers.

TEXTILE VALUE CHAIN
Author: TEXTILE VALUE CHAIN