The Paper:

We've noticed that, during the May Day holiday, Sichuan reached new records in multiple consumption-related statistics, with popular and consumption-heavy cities such as Chengdu, Leshan and Yibin becoming hotspots for consumer activities. In addition, Sichuan also launched a year-long campaign to boost consumption in 2024. What plans and progress has Sichuan made in terms of boosting consumption? Thank you.

Huang Qiang:

Thank you. Mr. Zuo will take this question.

Zuo Yongxiang:

Thank you for your interest in Sichuan's consumer sector. As mentioned earlier by Mr. Huang, Sichuan is not only an economically developed province but also a major player in the domestic consumer market. With a population of 91 million, Sichuan has a market reach covering nearly 400 million people in the surrounding region. In 2023, our total retail sales of consumer goods amounted to 2.63 trillion yuan, ranking the fifth in China, up 9.2% year on year. The province boasts a profound business heritage and vibrant consumption atmosphere. Local people's catchphrases, such as "bashi (meaning good and comfort) and anyi (meaning comfort and ease) in Chinese pinyin," serve as a testament to the people's love for life and their inclination towards consumption.

Catering consumption is a highlight of Sichuan's consumer market, with world-renowned Sichuan cuisine attracting visitors from around the globe. We have been working to promote local cuisine brands and strengthen brand protection. Through the development of specialties, well-known restaurants and celebrity chiefs, we have preserved and innovated the time-honored brands of Sichuan cuisine. We have also improved local legislation in this sector. Sichuan offers a wide range of catering choices throughout its streets and alleys. Chengdu alone boasts over 10,000 tea houses, 20,000 hotpot restaurants and 300,000 eateries of all kinds. In recent years, Chengdu has hosted world-class sporting events such as the 31st FISU World University Games, the 2022 World Team Table Tennis Championships Finals and the Thomas and Uber Cup Finals 2024, driving a continued boom in the consumer market. The International Horticultural Exhibition 2024 Chengdu kicked off in the city on April 26, already attracting over 300,000 visits for consumer activities.

We also keep upgrading business forms and redoubling efforts to improve the quality of business circles at different levels. We have implemented smart renovations in traditional commercial areas while also making progress in constructing demonstrative pedestrian streets. Attracting a number of well-known brands, Chengdu's Chunxi Road and Jiaozi Park have emerged as iconic business hubs with global influence. In addition, each year within the province we have introduced 40 consumption scenarios, with each one showcasing distinctive Sichuan characteristics. We also publish a "heat map" based on consumer popularity annually. As a result, tourist attractions such as the Eastern Suburb Memory Fashion Industrial Park in Chengdu, the International Dinosaur Lantern Show in Zigong, and Zhanggong Bridge Food Street in Leshan have all been bustling with visitors.

Walking on the streets in Chengdu, you will find the thousand-year-old Daci Temple standing adjacent to the fashionable Taikoo Li business circle. The integration and coexistence of traditional and modern elements offer a glimpse into the connection between Sichuan's consumer market and the rest of the world. Furthermore, we advocate for the development of the first-store economy, and have attracted 45 international brands to establish in Sichuan their first stores either domestically or globally. We also give equal emphasis to both "bringing in" and "going global" strategies, supporting local enterprises in exploring both domestic and overseas markets. As a result, locally produced caviar has entered the international market, accounting for 12% of the global market share. A world-renowned liquor conglomerate has also established its first whiskey producing base in Asia here in Sichuan, with their products selling out immediately upon launch.

Currently, we are expediting the development of consumer destinations with distinctive Bashu (the ancient name for Southwest China including Sichuan province and Chongqing) characteristics. We believe that a Sichuan known for its delicious local cuisine, exciting recreational facilities and exceptional consumer choices will remain vibrant. Thank you.