2 1 Shi Ji Jing Ji Bao Dao·2025-10-22 13:44Core Viewpoint - The dual-driven approach of enhanced fiscal policy and a shift towards consumption policy has become the key force supporting China's economy to achieve unexpected growth, with GDP growth reaching 5.3% in the first half of the year [1][2]. Fiscal Policy - Fiscal policy has taken the lead in stabilizing growth, moving away from an over-reliance on monetary policy. The net financing scale of government bonds reached 7.66 trillion yuan in the first half of the year, marking the second-highest level since 2020 [2]. - Special refinancing bonds aimed at resolving local debt risks had an issuance progress of 90%, while special new bonds for major project construction reached 58% [2]. Consumption Policy - The policy focus has historically shifted towards consumption, with the upcoming Central Economic Work Conference prioritizing "greatly boosting consumption" for the next year's economic work [2][3]. - Specific measures include the allocation of 300 billion yuan in long-term special bonds to support the replacement of consumer goods, a doubling from the previous year [3]. New Consumption Trends - Four new consumption trends have emerged: 1. "Self-care and health consumption" with sales of smart wearables and low-sugar foods increasing over 100% 2. "National products and trends" showing significant growth in products with intangible cultural heritage elements 3. "New technology and products" rapidly rising, particularly in AI laptops and smart robots 4. "Elderly consumption" showing a notable recovery in spending among those aged 56 and above in first-tier cities [3]. Service Consumption Gap - There is a significant gap in service consumption between China and the U.S., with China's service consumption accounting for only 17.9% of GDP compared to the U.S.'s 45.8% [4][5]. Policy Recommendations - Recommendations to boost consumption include: 1. Expanding and optimizing the replacement policy for consumer goods 2. Increasing support for service consumption through vouchers and discounts 3. Encouraging mid-to-high-end consumption, particularly in sectors like yacht economy and automotive modification [6]. Yacht Economy - The yacht economy is identified as a potential new engine for economic growth, with significant opportunities for high-end manufacturing and service consumption [8]. - The current market for yacht manufacturing in China is underdeveloped, with a total output value of only 12.8 billion yuan in 2024, indicating a substantial gap compared to traditional yacht manufacturing countries [9]. Economic Effects of Yacht Industry - The yacht economy can: 1. Compensate for high-end manufacturing shortfalls and elevate the shipbuilding industry to high-value sectors 2. Release service consumption potential and drive the development of related industries 3. Promote deep integration of manufacturing and service sectors, creating significant multiplier effects 4. Generate employment opportunities across various skill levels 5. Upgrade infrastructure and enhance regional development attractiveness [10][11][12][13]. Policy Framework for Yacht Economy - A comprehensive policy framework is suggested to address systemic barriers in the yacht economy, including establishing a negative list for restricted sailing areas, clarifying management responsibilities, and developing regulations tailored to the yacht industry [13].