上半年消费成经济增长主动力，如何持续发挥“国补”效能？

Economic Growth - In the first half of 2025, China's GDP grew by 5.3% year-on-year, with final consumption expenditure contributing 52.3% to economic growth, and capital formation contributing 16.8% [1][4] - The net export of goods and services contributed 31.2% to economic growth, indicating strong performance in both domestic demand and foreign trade [1] Consumer Market - The total retail sales of social consumer goods reached 24.55 trillion yuan, growing by 5% year-on-year, with a quarter-on-quarter acceleration of 0.8 percentage points in the second quarter [4] - The consumption market has become more active due to a series of policies aimed at expanding domestic demand and promoting consumption [4][6] Policy Impact - The "National Subsidy" policy, particularly the trade-in subsidy, has played a significant role in driving consumption growth, although concerns exist regarding its sustainability beyond June [5][6] - Experts suggest that to enhance the sustainability of the "National Subsidy" policy, measures should include increasing residents' income and optimizing initial distribution to boost purchasing power [5] Inflation and Price Trends - Despite the positive impact of the "National Subsidy" policy on consumption, the Consumer Price Index (CPI) fell by 0.1% year-on-year in the first half of 2025, indicating low inflation [8] - The decline in CPI is attributed to structural and transitional factors, including adjustments in traditional economic drivers and the impact of food and energy prices [8][9] Future Economic Focus - Experts emphasize that the focus for the second half of the year should remain on expanding domestic demand, stabilizing exports, and fostering technological innovation [11] - Recommendations include implementing more proactive fiscal policies and exploring monetary policy adjustments to further stimulate domestic demand [11][12]