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Consumption experts reminded consumers to be rational during this shopping spree and purchase products from authorized channels to protect their personal interests.

Consumer stocks have been popular for a while. Shares of Kweichou Moutai, China's top white liquor maker, have been soaring ever since consumption upgrade became an economic theme, reflecting the rising purchasing power and affluence of the Chinese middle-income people.

Consumption has remained the primary force driving China's economic growth in the past four years, with its growth rate 3.2 percentage points higher than GDP on average, said Gao Feng, a spokesperson for the Ministry of Commerce (MOC), on Thursday.

Cornell University economist Steven Kyle also said that the tax cuts would strengthen the US dollar, which in turn would make it even more attractive for the US to import rather than export.

Contracts on China's stock index futures ended higher on Monday, with investor sentiment lifting as measures easing market trading restrictions took effect.