Since the beginning of this year, China has rolled out a series of policies to expand domestic demand and boost consumption, including subsidies for replacing old consumer goods, which have further stimulated market activity. From January to April, total retail sales of consumer goods grew 4.7% year-on-year, accelerating by 0.1 percentage point compared to Q1. While the data shows steady recovery, there remains significant potential to enhance consumption quality and volume through sustained policy support and supply-side innovation.
As the primary engine of economic growth, consumption plays a vital role in revitalizing market vitality. To strengthen the long-term consumption promotion mechanism, policymakers must address existing pain points and bottlenecks in key sectors, implementing targeted measures to ensure sustainable growth.
While subsidy policies and supply chain upgrades have provided short-term stimulus, achieving lasting consumption growth requires structural reforms, including income growth, improved social safety nets, and enhanced product and service quality. By maintaining policy consistency and fostering a favorable consumption environment, China can solidify consumption as a cornerstone of stable economic expansion.
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