餐饮消费有所下滑，房地产市场再度转弱，下半年如何扩大内需

Economic Performance - China's GDP grew by 5.3% year-on-year in the first half of the year, surpassing the annual target of 5% [1] - The contribution of consumption to economic growth reached 52% in the first half of the year, with total retail sales of consumer goods amounting to 24.55 trillion yuan, a 5% increase year-on-year [4] Consumption Trends - The retail sales growth rate for the catering industry significantly declined from 5.2% in April and 5.9% in May to just 0.9% in June, with the average growth rate for the second quarter at 4.0%, down from 5% in the first quarter [4] - The "old-for-new" policy has positively impacted retail sales, but its effectiveness is expected to diminish over time, necessitating new strategies to boost domestic demand [4][9] Real Estate Market - The real estate market showed signs of weakness in the second quarter, with fixed asset investment growth slowing down and real estate investment declining further, with a year-on-year drop of 11.2% by June [5] - New residential sales area decreased by 3.7% year-on-year in June, indicating a continued downturn in the real estate sector [5] External Economic Factors - Exports to the U.S. fell by 24% in the second quarter, while exports to other regions, such as ASEAN and India, increased by 17.5% and 14.3% respectively [7] - The expiration of the 90-day tariff suspension on August 1 poses additional risks to the economic outlook, with potential new tariffs being implemented by the U.S. [7][8] Future Economic Outlook - Experts suggest that the focus for the second half of the year should be on expanding domestic demand, with fiscal spending being a key driver [9][10] - Recommendations include utilizing public budget funds and considering the issuance of an additional 2.3 trillion yuan in government bonds to support fiscal expenditure growth [9]