Boost consumption growth by fostering innovative ideas

With consumption already contributing to about two-thirds of China's GDP growth, it is not surprising to see a huge shopping spree before and during Spring Festival, the single most important holiday for Chinese.

In recent years, Chinese online retailers have created special shopping days like "Double 11" and "Double 12" to promote sales in the periods between traditional holidays.

That China's biggest e-commerce giant Alibaba registered a record sale of 120.7 billion yuan ($17.78 billion) during its annual Singles Day shopping festival on Nov 11 last year speaks volume of the success of its innovative idea of a 24-hour shopping frenzy for consumers.