BEIJING, Nov 6 (APP): China is willing to share experience with Pakistan with regard to the development of new retail business.

Both the countries may conduct in-depth discussions on the development of new retail business and make joint efforts to explore new retail business in the region so as to speed up the economic recovery during and after the pandemic, Cheng Xichong, visiting professor at Southwest University of Political Science and Law, senior fellow of the Charhar Institute said on Friday.

Under the unprecedented pandemic situation, the economy of all countries in the world has declined. India’s economy fell sharply by 23.9% in the second quarter of this year.

By contrast, China’s GDP grew by 0.7% in the first three quarters of this year.The economic situation in the first quarter was serious with a negative growth of 6.8%, but it grew by 3.2% in the second quarter and 4.9% in the third quarter, he said in an article.

He said, tecently, the Organization for Economic Cooperation and Development (OECD) predicted that China’s economic growth will reach 1.8% this year, and China is expected to become the only country to achieve positive economic growth among the world’s major economies.

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One of the important reasons for China’s rapid economic recovery is that China has focused on both pandemic prevention and control and economic recovery at the same time.

At the height of the pandemic, China launched online economy in due course of time. When the pandemic was basically under control, China adopted a combination of online and offline measures to restore economic development.

In this regard, he introduced the practice of Taobao which is a popular online shopping and retail platform in China. It was founded by Alibaba Group in May 2003.

It has nearly 500 million registered users and more than 60 million regular visitors every day. At the same time, the number of online products per day exceeds 800 million, with an average of 48,000 items sold per minute.

Taobao Special Edition launched the first “1-yuan experience store” in Shanghai last October. According to the official introduction, the store selected commodities from 1.2 million merchants to sell at a price of 1 yuan.

It is reported that Taobao Special Edition plans to open at least 1,000 “1-yuan stores” across the country within three years.

In response to COVID-19, Taobao made great efforts to establish e-commerce platforms this year. With the pandemic situation under control, Taobao is now making both online and offline efforts.

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In March this year, Taobao launched a special price version, which attracted 145 industries and 1.2 million business firms. Now, Taobao has launched “1-yuan store”. Since October 10, more than 100 million factory goods have been mailed for 1 yuan.

“As I understand, the main purpose of Taobao is to build a strong, intelligent and stable supply chain. Therefore, Taobao’s “1-yuan business” is actually a strategic investment,”he said.

Is there any risk of popularization of “1-yuan business”? Of course, there must be risks, such as huge investment needed to develop the market, whether the huge investment can be recovered in the future operation; the market competition is very fierce, and some enterprises will be washed out in the competition.

Based on internet and big data, with combination of online and offline business and through logistics distribution, new retail is a mode that can bring benefits to enterprises, businesses and people.

Over the years, new retail has been groping forward. There is no fixed right direction, but it has entered the track of rapid development.