Consumption recovery fuels rise of Global South

Launched in 2018, the China International Import Expo, which opened in Shanghai on Sunday, is an important barometer of consumption in China. Latest data show the recovery of consumption is accelerating.

In the third quarter of this year, China's economy grew at a faster-than-expected pace — faster than the same period last year. Consumption recovery, in fact, is helping the central government achieve its full-year GDP growth target of "about 5 percent". In the third quarter, China's GDP grew by 4.9 percent year-on-year, beating all projections.

The acceleration of consumption recovery is evident on a quarter-by-quarter basis. From July to September, the country's GDP grew by 1.3 percent quarter-on-quarter — much more than the second quarter of 0.8 percent and higher than the 1.0 percent forecast.