如何做好“管低价”，补贴服务消费或是政策选项之一

Core Insights - The People's Bank of China is shifting its price control strategy from managing high prices to managing low prices, focusing on stabilizing the "old-for-new" consumption policy in the short term and promoting service consumption in the long term [1] - The Consumer Price Index (CPI) has shown negative growth for four consecutive months, primarily due to food and energy prices, while the core CPI has rebounded significantly since October last year, indicating a more stable economic supply-demand relationship [1][2] - Analysts emphasize the importance of maintaining the stability of the "old-for-new" policy to boost core CPI, alongside direct subsidies to stimulate demand and regulate industry pricing [4][5] Price Trends - Home appliance prices have improved from a year-on-year decline of -3.3% in October 2024 to -0.2% in May 2025, while transportation tools and communication tools have also shown recovery in price growth [2] - Residential prices have remained stable with minimal fluctuations, while other service prices continue to be a drag on the overall CPI [4] Future Outlook - Analysts predict that boosting core CPI will require further recovery in the real estate market and increased direct subsidies to demand, rather than solely focusing on housing prices [4][5] - The "old-for-new" policy is seen as a critical lever for maintaining price stability, with suggestions to expand subsidy coverage to service sectors like home services and education to stimulate consumption [5][6] - Long-term strategies should include "new supply-side reforms" to enhance the proportion of final consumption expenditure in GDP, alongside measures to improve social security standards and reduce household burdens [6][7]