[BUSINESS]Consumer Confidence in China Restored
中国市场消费者信心指数回升
23rd of November 2020, state-run news agency Xinhua announced that the last 9 counties had been removed from the absolute poverty list. It is a mile stone for the country lead by communist party. As the world had witnessed China grew from a primarily agrarian economy into the world’s most rapidly urbanizing country.
2020年11月23日，新华社官宣最后9个贫困县摘帽。这是由中国共产党领导的中国里程碑式的一天。世界见证中国从农业经济社会转型成长为全球最高速城镇化发展的国家。
Exactly how urbanized we had become, just have a look at the luxury market performance this year. According to Alibaba Tmall and consultancy firm Bain&Company, the Chinese luxury market would see an annual grow of 48% by the end of this year, reaching a market value of about 346 billion yuan ($52.9 billion) despite the pandemic. It is the only major luxury market to grow in 2020. That is a straightforward sign, China is getting rich and more and more willing to spend on the thing they don’t need.
具体城镇化发展的程度如何，从奢侈品市场近两年来的发展就可见一斑。根据阿里巴巴旗下天猫奢侈品和贝恩咨询联合发布的2020中国奢侈品市场研究报告，截止2020年底，中国奢侈品市场年增长为48%，预计达到约3460亿元人民币（529亿美元），成为唯一在2020年疫情影响下保持增长的全球主要奢侈品市场。这都是显著的预示，中国消费者正变得愈加富有，愈加愿意消费本并非必须的商品。
The message is clear. China is no longer have absolute poverty where people starve to death. Meanwhile the richest ones are actively spending on the brands that enhance their class and identity. With the global economy experiencing simultaneous pain of shirking market, China keeps growing.
更直观一点讲，中国已经不再有赤贫人群会因为贫困而饥饿，与此同时，富裕的阶层更愿意消费能强化他们的阶层，强调身份和消费能力的品牌商品。全球经济因疫情几乎全面遭遇市场萎缩的今日，只有中国的消费力在持续增长。
Despite the edgy trade war with the US, globalization is not slowing down in mainland China. In fact, the ever lasting dispute among trade barriers proved that China’s position in world economy and market is getting more and more important.
中美贸易战如火如荼并没有降低中国城镇化、国际化的速度，反而从侧面反映了中国在国际上越来越重要的经济和贸易地位。
According to China Daily, consumer confidence has been restored compare to last year pre-pandemic level, and policy makers are actively stimulate consumption in various area. "Thanks to the arrival of COVID-19 vaccines, the overall economic situation in China will likely return to normal this year, with consumption catching up in strength," said Liu Ligang, managing director and chief China economist at Citigroup. Liu forecast that the country's retail sales of consumer goods will increase by 16.5 percent on a yearly basis this year, compared with a 4.1 percent contraction in 2020. "According to our estimates, consumption will contribute about 6 percentage points of China's GDP growth, which will reach 8.2 percent this year."
据中国日报报道，中国的消费者信心指数已经回升达到疫情前水平，与此同时政策导向也在积极刺激各个领域的消费。 “新冠肺炎疫苗到来，中国的经济表现将回归正常状况，同时消费力也强势回归”花旗集团执行总裁及中国首席经济学家刘利刚先生如是说。他同时预测中国的消费品零售行业将在今年有16.5%的增长，2020年该数据为负4%。 同时，根据测算，消费将贡献中国GDP指数6%的增长，在今年增长将达到8.2%。
During the annual Central Economic Work Conference held in Beijing, policymakers highlighted the need for effective institutional arrangements in guiding consumption, savings and investment, saying that China will take more steps to create jobs, improve its social security system, optimize the income distribution structure and expand the middle-income group as part of the efforts to expand domestic consumption.
在北京举行的年度中央经济工作会议中，决策者强调需要有效的制度来安排指导消费，储蓄和投资，并表示中国将采取更多措施创造就业机会，改善其社会保证体系，优化收入分配结构并扩大中等收入群体，作为扩大内需的一部分重要工作。
The macro policy is also attempting to attract more migrant workers to settle down in city area with reforming of household policies. All message reinforce confidence of the public, the economy is growing. At least compare to the rest of the world in which many countries are suffering from the pandemic, China is a market no one should overlook.
宏观政策还试图通过改变户籍制度来吸引更多的外来务工人员在城市定居。各种信息都在增强公众的信心，经济在增长。至少和当前疫情影响下遭受经济低迷或重创的国家和地区相比，中国是一个不容忽视的市场。
Reference: China Daily, Xinhua News Agency
English&Chinese：Anna
中国市场消费者信心指数回升
23rd of November 2020, state-run news agency Xinhua announced that the last 9 counties had been removed from the absolute poverty list. It is a mile stone for the country lead by communist party. As the world had witnessed China grew from a primarily agrarian economy into the world’s most rapidly urbanizing country.
2020年11月23日，新华社官宣最后9个贫困县摘帽。这是由中国共产党领导的中国里程碑式的一天。世界见证中国从农业经济社会转型成长为全球最高速城镇化发展的国家。
Exactly how urbanized we had become, just have a look at the luxury market performance this year. According to Alibaba Tmall and consultancy firm Bain&Company, the Chinese luxury market would see an annual grow of 48% by the end of this year, reaching a market value of about 346 billion yuan ($52.9 billion) despite the pandemic. It is the only major luxury market to grow in 2020. That is a straightforward sign, China is getting rich and more and more willing to spend on the thing they don’t need.
具体城镇化发展的程度如何，从奢侈品市场近两年来的发展就可见一斑。根据阿里巴巴旗下天猫奢侈品和贝恩咨询联合发布的2020中国奢侈品市场研究报告，截止2020年底，中国奢侈品市场年增长为48%，预计达到约3460亿元人民币（529亿美元），成为唯一在2020年疫情影响下保持增长的全球主要奢侈品市场。这都是显著的预示，中国消费者正变得愈加富有，愈加愿意消费本并非必须的商品。
The message is clear. China is no longer have absolute poverty where people starve to death. Meanwhile the richest ones are actively spending on the brands that enhance their class and identity. With the global economy experiencing simultaneous pain of shirking market, China keeps growing.
更直观一点讲，中国已经不再有赤贫人群会因为贫困而饥饿，与此同时，富裕的阶层更愿意消费能强化他们的阶层，强调身份和消费能力的品牌商品。全球经济因疫情几乎全面遭遇市场萎缩的今日，只有中国的消费力在持续增长。
Despite the edgy trade war with the US, globalization is not slowing down in mainland China. In fact, the ever lasting dispute among trade barriers proved that China’s position in world economy and market is getting more and more important.
中美贸易战如火如荼并没有降低中国城镇化、国际化的速度，反而从侧面反映了中国在国际上越来越重要的经济和贸易地位。
According to China Daily, consumer confidence has been restored compare to last year pre-pandemic level, and policy makers are actively stimulate consumption in various area. "Thanks to the arrival of COVID-19 vaccines, the overall economic situation in China will likely return to normal this year, with consumption catching up in strength," said Liu Ligang, managing director and chief China economist at Citigroup. Liu forecast that the country's retail sales of consumer goods will increase by 16.5 percent on a yearly basis this year, compared with a 4.1 percent contraction in 2020. "According to our estimates, consumption will contribute about 6 percentage points of China's GDP growth, which will reach 8.2 percent this year."
据中国日报报道，中国的消费者信心指数已经回升达到疫情前水平，与此同时政策导向也在积极刺激各个领域的消费。 “新冠肺炎疫苗到来，中国的经济表现将回归正常状况，同时消费力也强势回归”花旗集团执行总裁及中国首席经济学家刘利刚先生如是说。他同时预测中国的消费品零售行业将在今年有16.5%的增长，2020年该数据为负4%。 同时，根据测算，消费将贡献中国GDP指数6%的增长，在今年增长将达到8.2%。
During the annual Central Economic Work Conference held in Beijing, policymakers highlighted the need for effective institutional arrangements in guiding consumption, savings and investment, saying that China will take more steps to create jobs, improve its social security system, optimize the income distribution structure and expand the middle-income group as part of the efforts to expand domestic consumption.
在北京举行的年度中央经济工作会议中，决策者强调需要有效的制度来安排指导消费，储蓄和投资，并表示中国将采取更多措施创造就业机会，改善其社会保证体系，优化收入分配结构并扩大中等收入群体，作为扩大内需的一部分重要工作。
The macro policy is also attempting to attract more migrant workers to settle down in city area with reforming of household policies. All message reinforce confidence of the public, the economy is growing. At least compare to the rest of the world in which many countries are suffering from the pandemic, China is a market no one should overlook.
宏观政策还试图通过改变户籍制度来吸引更多的外来务工人员在城市定居。各种信息都在增强公众的信心，经济在增长。至少和当前疫情影响下遭受经济低迷或重创的国家和地区相比，中国是一个不容忽视的市场。
Reference: China Daily, Xinhua News Agency
English&Chinese：Anna
