MNSO(US:MNSO) Di Yi Cai Jing·2025-11-06 13:35Group 1: Policy and Economic Goals - The forum focused on the dual drivers of "policy breakthroughs" and "open sharing" to boost consumption in China, aiming to transform the country's market potential into global economic growth [1] - The "14th Five-Year Plan" emphasizes significantly increasing the consumption rate and enhancing the role of domestic demand in economic growth [1] - Specific measures proposed include implementing special actions to boost consumption, expanding the supply of quality consumer goods and services, and strengthening consumer rights protection [1] Group 2: Consumption Rate and Structural Changes - Liu Yuanchun highlighted the need for a combination of short-term and medium-term policies to address the low consumption rate, which was approximately 55% in 2020 compared to around 80% in developed countries [2] - The key to improving the consumption rate lies in transforming government functions and enhancing the investment-sharing system of state-owned enterprises [2][3] - Liu proposed seven specific recommendations, including addressing short-term consumption issues, focusing on income and asset confidence, and promoting durable goods consumption [3] Group 3: Future Economic Outlook - Michael Spence projected that by 2028, China's economy will exhibit higher income levels and a more balanced demand structure, with a shift from investment-driven growth to consumption-led growth [4] - The transition requires designing demand-side policies that facilitate this shift, alongside a clear definition of roles among public, private, and state-owned sectors [4] Group 4: Service Sector Opportunities - Lu Ming pointed out that while the service sector currently faces a supply-demand imbalance, it presents a significant structural opportunity for economic development [5] - The focus should be on making consumption a new growth driver and enhancing service consumption within urban areas [5][6] Group 5: Global Consumption Trends - Ye Guofu emphasized the rise of interest-based consumption and the global expansion of Chinese IP, indicating a significant moment for "Chinese creation" and "Chinese brands" [7] - The collaboration with over 180 global IPs positions companies like Miniso to lead in the global IP operation space [7] Group 6: AI and Technology Impact - Sara Camp from Intel noted that AI PCs will become a new growth point for consumption, creating a strong demand for device upgrades and new applications [8] - The global AI PC market is projected to grow from $610 billion in 2025 to $992 billion by 2035, with a compound annual growth rate of 32.16% [8] Group 7: Consumption as Economic Engine - Consumption is identified as the main engine of China's economic growth, contributing approximately 60% to economic growth during the "14th Five-Year" period [9] - The social retail total is expected to exceed 50 trillion yuan by 2025, highlighting the importance of breaking down barriers to consumption [9]