Hi everyone. I’m Stephanie LI. Coming up on today’s program - Retail sales in China bounce back last year to hit a new record; - Chinese stocksrebounded after the benchmark Shanghai composite dipped below 2,800 points. Here’s what you need to know about China in the past 24 hours China's consumption in 2023 played a vital role in bolstering economic development. Final consumption contributed 82.5 percent of overallGDPgrowth, while retail sales set a new record of 47.15 trillion yuan ($6.62 trillion), data from the National Bureau of Statistics (NBS) showed on Wednesday. The Chinese economic growth in 2023 is good news for China and beyond, the managing director of the International Monetary Fund said on Wednesday. "The Chinese economy met the national target, which was set at around 5 percent, and actually exceeded it. That is good news for China and also good news for Asia and the world because China delivers one-third of global growth," Kristalina Georgieva said on the sidelines of the World Economic Forum annual meeting in Davos. Georgieva noted that the Chinese government was concentrating on moving to high-quality growth and changing the growth model from one primarily oriented by export to a model where consumption plays a bigger role. China's consumption in 2023 demonstrated a continuous recovery, as retail sales grew 7.2 percent to a record high, Kang Yi, head of the NBS, said at a press conference. Kang said that the sector re-emerged as the major driver of economic development. Domestic demand contributed 111 percent to China’s economic growth last year, an increase of 25 percentage points on the previous 12 months, NBS data showed. Domestic demand also drove imports, with the value of imported agricultural produce jumping 5 percent last year, consumer goods rising 1.2 percent, and energy products up 27 percent. The NBS said China’s consumption potential is still huge, with a market of more than 1.4 billion people and a continuously upgrading consumption pattern. And the rapid development of new consumption patterns across a wide range of sectors from the digital industry to culture and tourism is injecting vitality into the consumption market. • China launched cargo spacecraft Tianzhou-7 on Wednesday night to deliver supplies for its orbiting Tiangong space station, according to the China Manned Space Agency (CMSA). The Long March-7 Y8 rocket, carrying Tianzhou-7, blasted off at 10:27 p.m. (Beijing Time) from the Wenchang Spacecraft Launch Site in the southern island province of Hainan, the CMSA said. The spacecraft docked with the orbiting Tiangong space station on Thursday. • The Jakarta-Bandung High-speed Railway, the first of its kind in Indonesia and Southeast Asia, has set a target to serve 31,000 passengers per day throughout this year, said PT Kereta Cepat Indonesia-China (KCIC), a joint venture consortium between Indonesian and Chinese state-owned firms that constructs and runs the HSR. KCIC told local media on Wednesday that the HSR, locally known as Whoosh, has delivered more than 1.3 million passengers since it was officially put into commercial operation in October last year, adding that KCIC will continue to work on increasing the number of trips. Moving on to regional highlights • Hainan province has received more than 92,000 visa-free international tourists since the National Immigration Administration reinstated the visa-free policy for people from 59 countries to the Chinese island in March last year. Nearly 20,000 visa-free foreign visitors entered Hainan in December alone, compared with 2,000 last April, according to the local entry and exit bureau. • SAIC Motor’s first custom-built, ocean-going car carrier ship, known as roll-on/roll-off, set off on its maiden voyage from Shanghai to Europe Wednesday, transporting about 5,000 cars of indigenous Chinese brands and some construction machinery. The SAIC Anji Sincerity, built by China State Shipbuilding