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Jiangsu Saw the Total Retail Sales of Consumer Goods Exceed RMB 3.1 Trillion in the First Three Quarters
updated on:2022-11-25 17:18

In the first three quarters of 2022, the total retail sales of consumer goods in Jiangsu reached RMB 3,163.51 billion, ranking second in China. After the monthly growth rate turned positive in June, Jiangsu witnessed an increase of 2.4%, 12.5% and 6.9% in July, August and September respectively, with the latter two 7.1 and 4.4 percentage points higher than the national average.

Jiangsu has issued a number of policies to stimulate consumption and stabilize economic development.

Survey on Jiangsu depositors by the People’s Bank of China Nanjing Branch showed that the indexes measuring consumer satisfaction and confidence in the third quarter of 2022 stood at 63.1% and 55.2% respectively, up by 2.3 and 0.3 percentage points compared to the previous quarter.

We have designed Shopping Season and organized over 2,000 themed activities where coupons and digital red envelopes worthy of RMB 400 million were distributed to promote the recovery of consumption market. The first three quarters saw an increase of 90.3% and 182.1% in the retail sales of household appliances and new energy vehicles at Grade 1 and Grade 2  in terms of energy efficiency level.

   Great efforts have been invested in nurturing e-commerce platforms and businesses to scale up and upgrade consumption of information goods and services. 52,000 5G base stations have been newly built with 5G signals covering 96% of the villages. In the first three quarters, retail sales of enterprises above a designated size reached RMB 230.5 billion, an increase of 20.3%, contributing to a growth of 3.3 percentage points in total retail sales.

To improve the quality of products and services, Jiangsu rolled out 34 provincial-level quality benchmarks, in which five of them have been included as national ones. Over 29,000 standards for companies in consumer goods area have been made public. 72 local standards for service industry were newly established. In our efforts to build high-quality consumption carriers, the first group of 15 provincial-level model pedestrian streets and the second group of 12 provincial-level clusters for night-time cultural and tourism consumption have been identified, where six of the latter have been singled out as national-level clusters. 

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