打造消费大国，还需做些什么

Core Viewpoint - China's consumption market shows significant potential, transitioning from a "manufacturing giant" to a "consumption giant" with ongoing reforms and innovations needed for qualitative improvements [1][4]. Group 1: Consumption Growth - During the recent National Day and Mid-Autumn Festival holiday, over 2.4 billion people traveled across regions, setting a historical record [1]. - Domestic travel reached 888 million trips, an increase of 123 million trips compared to the 7-day National Day holiday in 2024 [1]. - Total domestic spending during the holiday was 809 billion yuan, up by 108.2 billion yuan from the previous year [1]. - Key monitored pedestrian streets saw foot traffic and sales increase by 8.8% and 6.0% year-on-year, respectively [1]. Group 2: Service Consumption - Rapid growth in service consumption is notable, with education, culture, entertainment, transportation, and healthcare spending increasing at an average annual rate of 10% from 2021 to 2024 [2]. - Resident service consumption expenditure grew at an average annual rate of 9.5%, outpacing goods consumption by 3.8 percentage points [2]. - Digital consumption is emerging as a new growth point, with technologies like AI and VR enhancing traditional consumption scenarios [2]. Group 3: Economic Structure and Challenges - A consumption giant is characterized by high final consumption expenditure as a percentage of GDP, typically above 60%, and a dominant service consumption structure [3]. - Despite leading in physical consumption, China faces challenges in service consumption compared to developed countries, with gaps in high-end manufacturing and quality services [3]. - Key challenges include low resident consumption rates, income distribution issues, and the need for improved social security systems [3]. Group 4: Reform and Development - To become a consumption giant, reforms are needed to increase disposable income's share of national income and optimize income distribution [4]. - Continuous supply-side structural reforms are essential to enhance supply adaptability and flexibility, ensuring a dynamic balance between supply and demand [4]. - The pace of reaching the status of a consumption giant depends on the depth of reforms, breadth of openness, and strength of innovation [4].