Members of the media attend the Alibaba Group's 11.11 Singles Day global shopping festival at a media center in Hangzhou, Zhejiang province, November 10, 2020. -Photo/Agencies
That the Singles Day annual e-shopping festival has set records with Tmall reporting total sales revenue of 498.2 billion yuan ($75.26 billion) and JD of 271. 5 billion yuan indicates the Chinese economy is on the fast track to recovery on the back of rising consumption.
The Chinese economy's resilience in the face of the novel coronavirus pandemic is evident from its recovery in the second and third quarters of the year and the rise in major indicators, including GDP growth, added value industries above designated size, and residents' income. Besides, the improvement in small and medium-sized enterprises' business has helped the recovery of both the supply side and demand side.
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