[Cover Story] New momentum of consumption

China Well -off Network Exclusive Specialty

Text | "Well -off" · China Well -off reporter Zhao Dina

At present, the rapidly upgraded consumer demand is the main body of domestic demand, and it is also the starting point, foothold and power source of domestic large cycles, and it is also an important link to promote the mutual promotion of domestic and international dual cycles. Since the epidemic occurs, consumption, especially the contact of contact, has been greatly impacted, and the recovery process has been frequently disturbed by the epidemic. Essence

Consumption is the ultimate demand. It is a key link and important engine that can unblock domestic large cycles. It has a long -lasting force for the economy and is related to guarantee and improve people's livelihood. The end of the epidemic has brought many uncertain factors. Consumption, especially in contact consumption, recovers slowly, small and medium -sized enterprises, individual industrial and commercial households, and service industries are facing more difficulties, and people's consumption expectations and capabilities have declined significantly. According to data from the National Bureau of Statistics, the year -on -year growth rate of the total retail sales of consumer goods in my country has begun from positive to negative in March, a decrease of 3.5%year -on -year, a year -on -year decrease of 11.1%, and a year -on -year decrease of 6.7%.

In order to drive the market consumption to recover, the central government has conducted a series of arrangements and deployment, emphasizing that "the role of consumption should be led by the traction of consumption on the economic cycle", and various places have successively introduced a series of policy measures to promote consumption, actively cope with the impact of the epidemic, promote consumption consumption Orderly restore development and stimulate more endogenous motivation.

Press the "fast -forward key" for consumption recovery

No matter how the economic situation changes, people's longing for a better life and the demand for high -quality consumption always exist. my country has a large -scale domestic demand market with a population of more than 1.4 billion people, and consumption growth is huge. Since 2013, my country's final consumption expenditure accounts for more than 50%of GDP. By 2021, the contribution rate of final consumption expenditure to economic growth was 65.4%, which drove GDP to increase by 5.3 percentage points. In the first quarter of this year, the total retail sales of social consumer goods in my country was 1.09 trillion yuan, and the final consumption expenditure contributed 69.4%to economic growth, which was the first driving force for economic growth.

Guo Chunli, director and researcher of the Institute of Economic Research Institute of China Macro Economic Research Institute, pointed out that at present, the rapidly upgraded consumer demand is the main body of domestic demand, and it is also the starting point, foothold and power source of the large domestic cycle. Important links. While the consumption structure has continued to optimize and upgrade for a long time, there are still some shortcomings, which are concentrated in the concentration of consumption capacity and willingness of residents to be enhanced, high -quality products and services supply to be improved, circulation cycle, and consumer environment to be optimized. Since the epidemic occurs, consumption, especially the contacts of contact, have been greatly impacted, and the recovery process has been frequently disturbed by the epidemic. Essence

In March 2020, 23 departments such as the National Development and Reform Commission and other departments jointly issued the "Implementation Opinions on Promoting Consumption Expansion and Moisturizing and Accelerating the formation of a strong domestic market". Six aspects, including the consumer environment, have proposed several policies and measures, which has a positive effect on meeting the existing consumption power, expanding the scale of my country's consumer market, and improving consumer quality. With the continuous and repeated epidemic in the past two years, in 2022, to release consumption potential for comprehensive policies and promote the continuous recovery of consumption, the General Office of the State Council issued the "Opinions on Further Release of Consumption Potential to Promote the Continuity of Consumption." Key measures to release consumption potential through comprehensive policies, work hard on "stability", "insurance", "new", and promote the continuous recovery of consumption. The previous executive meeting of the State Council also deployed a series of policy measures to promote consumption. The meeting pointed out that it is necessary to cope with the impact of the epidemic and promote the resumption of consumption. Hurry up and implement the implementation of the difficult industries such as catering, retail, tourism, civil aviation, highway water and railway transportation, and encourage localities to increase assistance and stabilize more consumer service market entities. At the same time, it is necessary to promote new consumption, accelerate online and offline consumption integration, and cultivate "smart+" consumption such as smart products and services.

Soon, the State Council also issued the "Policy and Measures for Stable Economy", which is related to small and medium -sized enterprises, consumer consumption, food security, etc., including 33 measures in six aspects, aiming to increase macro -policy response and promote stable economic growth. Among them, it is specifically proposed to stabilize consumption such as automobiles and home appliances. New car purchase restriction measures are not allowed in various regions, the second -hand car restriction policy is fully eliminated, the automotive imported port area is supported to carry out parallel import business, and the support policies of the vehicle purchase tax of passenger vehicles below a certain displacement will be studied this year. Optimize the investment and operation model of new energy vehicle charging piles (stations), and accelerate the construction of charging piles (stations) such as highway service areas and passenger transport hubs. In addition, encourage home appliance manufacturers to carry out the target responsibility system for recycling, guide financial institutions to improve financial services, and better meet the needs of consumption upgrades.

"It is of great significance to promote consumption, the role of monetary policy is limited, and fiscal policy should be more active. This year's tax cuts and fees and retained tax refund are very large. The total scale is expected to reach 2.5 trillion throughout the year." China -Thailand Securities Chief Economist Li Xunlei suggested that the future fiscal policy will continue to increase, especially for promoting consumption, and should promote the issuance of consumer coupons. Wang Wei, director of the Institute of Market Economics of the Development Research Center of the State Council, believes that relying on new infrastructure such as 5G, the Internet of Things, and cloud platforms to accelerate the construction of a "smart+" consumer ecosystem, it will provide solid support for the release of new consumption potential. Further promote the transformation and upgrading of the industrial structure, promote the supply of goods and services to the mid -to -high -end, and better meet the people's good life needs. "

Activate "one pond spring water"

"It must be realized that the current consumption fall is not a trend change. As the epidemic is effectively controlled, consumer growth will gradually return to normal track." Li Qingbin, researcher at the China Macroeconomic Research Institute.

At present, all parts of the country are also targeted, and a series of consumer policies are densely introduced. Dozens of provinces and regions, including Zhejiang, Shaanxi, Jiangxi, Sichuan, Tianjin, and other consumer vouchers ranging from millions to hundreds of millions of yuan, covering various online and offline consumer scenarios; the Beijing Municipal Government issued the "Beijing Municipal Coordinator "Implementation plan for the prevention and control of the epidemic and stable economic growth", proposed to issue catering consumer coupons with a joint takeaway platform enterprise and give up the maximum of not more than 10,000 yuan/set of subsidies for the purchase of new energy vehicles in accordance with the conditions; Active retail, catering and other consumption; Yunnan Province issued 300 million yuan in cultural tourism consumption "big gift package" ...

According to Meituan data, in the first four months of 2022, 20 provinces, autonomous regions and municipalities issued consumer vouchers with a total amount of more than 3.4 billion yuan. At the same time, localities are gradually increasing the support for green consumption of commodities such as automobiles and home appliances to promote the accelerated release of market potential. For example, Jiangsu Province will distribute 200 million yuan of green energy -saving appliances subsidies to residents in the province on July 9, covering the refrigerator, freezer, washing machine, and household air conditioning. commodity. Beijing, Hunan, Qinghai, Shanxi and other places have also recently opened green home appliances to promote consumption activities. They subsidize the purchase of green smart home appliances, launched the "new replacement of new" activities, helping the home appliance industry to resume development and accelerate the formation of green consumption concepts.

In Hebei Province, the "Regarding the Fourteen Policies and Measures of Consumption Promoting Consumption" was introduced, and the "difficulties" of the short -term demand for the short -term consumer market, the "blocking point" of the supply side, and the "pain points" of the unstable consumption expectations were to boost the boost Consumption "recruit pulse". Such as: Hold the "Jingzhang All -season Sports Tourism Carnival", launch high -quality sports tourism products such as four seasons, sports research, outdoor sports, cultural experience and other high -quality sports tourism products; hold the theme of "New Sports · New Life" as the theme Use the provincial sports lottery public welfare gold to issue sports consumer coupons; develop special brand consumption, carry out promotional activities of old -fashioned and famous special products, and provide certain funding support. Promote commercial complexes, shopping malls, and supermarkets to set up old -fashioned zones counters to drive characteristic consumption with "national tide" culture.

From July 25th to 30th, the Second China International Consumer Products Expo, jointly sponsored by the Ministry of Commerce and the Hainan Provincial People's Government, was in a wonderful appearance in Haikou, Hainan. Many consumer boutiques and new products from home and abroad are displayed. Duty -free economy, domestic goods innovation, sustainable consumption and other themes have attracted much attention. Among them, the concept of green development and sustainable consumption has become a consensus on the venue. In key areas such as the full life cycle of the car and the green smart home appliances, the Ministry of Commerce has also introduced a series of policies in conjunction with the relevant departments to print the "Promotion of Green Consumption Implementation Plan", "Notice on the Expansion of Automobile Consumption Measures" and promotion of promotion Green smart home appliance consumption policy and measure. Take cars as an example. In the first half of 2022, the sales volume of new energy vehicles reached 2.6 million, a year -on -year increase of 1.2 times.

And Xiamen seized the opportunity for the third batch of digital RMB pilot cities approved, held the "2022 Huanyou Esha" digital RMB consumption red envelope activities, launched 20.22 million yuan of digital RMB red envelopes, and joined hands with JD.com, Meituan, Hungry? Major banks have invested 40 million yuan in digital renminbi and value coupons to promote the popularization and pilot work of digital RMB and drive new hotspots for consumption. At the same time, in the fields of shopping, catering, tourism, transportation, and transportation, actively promoted the use of digital RMB, and successively organized a series of digital RMB to promote consumer activities such as "May 1 Digital RMB Consumption Week", leading new fashion, and further stimulating consumption.

In addition to a series of consumer policies, expanding effective investment is also an important point for expanding the steady growth of internal demand. "Give full play to the role of the traction of major projects, and will help promote the improvement of supply and create new growth points for consumption. 'Make up shortcomings'' 'to promote consumption' two wings and cycle promotion, which is conducive to further release the domestic market potential." The State Council Development Research Center macro Zhang Liqun, a researcher at the Ministry of Economic Research.

Li Qingbin said that stimulating consumption potential is the most fundamental thing to increase consumption capacity through stability and income income to allow people to "consume"; gradually improve public service coverage and level, solve the worries of the masses, and let people "dare to consume"; also It is necessary to conform to the trend of consumption upgrade, improve the quality of products and services, and let people "want to consume".

("Well -off" · China Well -off Exclusive Draft)

This article was published in "Well -off" in late August 2022

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