Ongoing urbanization will help consolidate economic resilience

ACCORDING TO JD.COM, the second largest e-commerce platform in China, the initial total billing amount in its annual mid-year promotion season from June 1 to 18 reached 201.5 billion yuan ($29.3 billion), up 26.57 percent year-on-year. Beijing Youth Daily comments:

The other e-commerce companies also saw a marked rise in their sales at the same time, showing consumption's potential in driving the country's economic growth, which has been widely taken as a testimony to the resilience of the Chinese economy.

In fact, the consumption boom is only a reflection of the impetus and resilience of the economy which stem from the fundamentals of the economy. The country is in the process of industrialization, informatization, urbanization and agricultural modernization, and the supply side structural reform has produced some desired effects, pushing the economic operation into a virtuous circle and further consolidating the public's confidence in the economy.