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JD.com CEO doubts consumer confidence will return soon
来源：shippingazette 编辑：编辑部 发布：2023/03/14 15:19:49
CHINESE consumer confidence won't make a full recovery easily, despite Beijing's stimulus measures and a resumption of production that was stalled by Covid, said the online retail giant JD.com's CEO, reported Tokyo's Nikkei Asia.
CEO Xu Lei told analysts in an earnings call that "it will take a relatively long time for [the stimulus measures] to pass on to residents' income." Mr Xu's comments came as JD.com makes a strategic shift to low-price competition with rivals.
The three-year pandemic, a recovering macroeconomy and structural demographic changes have all posed challenges to China's retail industry. Retail sales, a major driver of the country's economic growth, shrank 0.2 per cent in 2022.
China's gross domestic product grew only three per cent last year, one of the lowest increases in decades, amid Beijing's draconian zero-Covid policy and a tightening regulatory environment.
Beijing has set a modest five per cent annual growth target and elevated domestic consumption as the current policy goal.
CEO Xu Lei told analysts in an earnings call that "it will take a relatively long time for [the stimulus measures] to pass on to residents' income." Mr Xu's comments came as JD.com makes a strategic shift to low-price competition with rivals.
The three-year pandemic, a recovering macroeconomy and structural demographic changes have all posed challenges to China's retail industry. Retail sales, a major driver of the country's economic growth, shrank 0.2 per cent in 2022.
China's gross domestic product grew only three per cent last year, one of the lowest increases in decades, amid Beijing's draconian zero-Covid policy and a tightening regulatory environment.
Beijing has set a modest five per cent annual growth target and elevated domestic consumption as the current policy goal.