核心CPI温和上涨，消费向好积极信号

Core Viewpoint - The latest economic data from the National Bureau of Statistics indicates a slight year-on-year decline of 0.1% in the Consumer Price Index (CPI) for the first three quarters of the year, while the core CPI, excluding food and energy, rose by 0.6%, reflecting the effectiveness of policies aimed at expanding domestic demand and promoting consumption [1] Group 1: Economic Growth and Consumption - Final consumption expenditure contributed 53.5% to economic growth in the first three quarters, an increase of 9.0 percentage points compared to the previous year, highlighting its role as a key driver of economic growth [1] - Consumption is identified as one of the "three drivers" of economic growth, playing a crucial role in stabilizing growth and improving livelihoods, with insufficient consumer demand being a core issue in the current macroeconomic landscape [1] Group 2: Policy Measures to Boost Consumption - The "Special Action Plan to Boost Consumption" introduced in March outlines 30 key tasks across eight areas, including actions to increase residents' income and improve service consumption [2] - The government has allocated 300 billion yuan in special long-term bonds to support consumption, particularly through trade-in programs, resulting in double-digit growth in retail sales of home appliances and audio-visual equipment [2] Group 3: Financial Policies and Consumer Behavior - The central bank has implemented personal consumption loan interest subsidy policies, effectively reducing credit costs for residents and businesses, thereby stimulating consumption potential [3] - Service retail sales grew by 5.2% year-on-year in the first three quarters, outpacing goods retail sales, indicating a shift towards service consumption [3] Group 4: Future Challenges and Coordination - There is a need to solidify the foundation for consumption recovery, focusing on improving residents' income and optimizing income distribution to enhance consumption levels [3] - Emphasizing the importance of coordinated and consistent policy measures to maximize the effectiveness of consumption-boosting strategies for sustainable economic development [4]