China's consumption market is growing YoY

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China's consumption market has witnessed a sustained recovery. Retail sales, a major indicator of consumption strength, expanded 3.4 percent year-on-year in August, according to the National Bureau of Statistics. Online sales remained a bright spot, expanding 9.6 percent year-on-year during the first eight months of the year.

China's consumer market is picking up steam during the extended eight-day holiday, showcasing immense potential and strong resilience, said Pan Helin, a member of the Ministry of Industry and Information Technology's Expert Committee for Information and Communication Economy.

A series of pro-consumption policies have played a vital role in stimulating shoppers' purchasing appetites, shoring up domestic demand and spurring economic growth amid external uncertainties, Pan said, estimating that the country's consumption growth will gather pace in the fourth quarter of this year.