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Consumer CEO warns of slow recovery for China's consumer confidence

E-retailer says '10 billion yuan subsidies' will have limited impact on margins's smart logistics center in Beijing.   © Reuters

HONG KONG -- Chinese consumer confidence won't make a full recovery easily, despite Beijing's stimulus measures and a resumption of production that was stalled by COVID, the chief executive of major domestic e-commerce operator warned Thursday.

Xu Lei told analysts in an earnings call that "it will take a relatively long time for [the stimulus measures] to pass on to residents' income." The CEO's comments came as makes a strategic shift to low-price competition with rivals.

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