Eye-catching quarterly gains by Apple and Alibaba in China have provided fresh proof that growing online and high-tech consumption may be coming to the rescue of the country’s economy. Both e-commerce giant Alibaba and the iconic Apple have reported better-than-expected quarterly earnings on strong performances in the Chinese market.
The country is shifting its economic drivers. Compared with investment and exports, consumption has been a less conspicuous source of growth for the country in recent decades, but it is catching up fast.
In the first nine months, retail sales of consumer goods in China jumped 10.5 percent. Meanwhile, the high-tech sector increased 10.4 percent year on year, outpacing value-added industrial output by 4.2 percentage points.
(Source: Shanghai Daily)