王微：促消费向稳向好需政策加力优化

Core Viewpoint - The Chinese government is prioritizing the expansion of domestic demand and strengthening the domestic circulation to stabilize economic growth, with consumer spending playing a crucial role in this strategy [1]. Group 1: Economic Growth and Consumer Contribution - In the first three quarters of 2025, China's GDP grew by 5.2% year-on-year, with final consumption expenditure contributing 53.5% to economic growth, an increase of 9 percentage points compared to the previous year [1]. - The Central Economic Work Conference emphasized the importance of expanding domestic demand and optimizing supply as key tasks for economic work in the coming year [1]. Group 2: Consumer Demand and Retail Performance - From January to November 2025, the total retail sales of consumer goods increased by 4.0% year-on-year, surpassing the 3.5% growth rate of 2024 [2]. - The "old-for-new" consumption policy has been expanded to cover various sectors, leading to over 2.5 trillion yuan in sales and benefiting more than 360 million people [2]. Group 3: New Consumption Trends - New service consumption, including travel, culture, and health, has become a consumption hotspot, with significant increases in domestic travel during holidays [3]. - The online retail of physical goods grew by 5.7% year-on-year, accounting for 25.9% of total retail sales, indicating a shift towards digital consumption [3]. Group 4: Supply Chain and Price Index - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November 2025, reflecting improved product quality and innovation in supply [4]. - The number of new consumer goods registered in 2024 exceeded 21.63 million, marking a significant increase in supply innovation [4]. Group 5: Foreign Consumption and Policy Changes - The number of inbound foreign visitors increased by 27.8% from January to August 2025, driven by optimized entry policies and payment facilitation [5]. - The number of stores offering tax refunds for outbound tourists tripled compared to the end of 2024, indicating a growing trend in inbound consumption [5]. Group 6: Structural Challenges in Consumption - Despite the overall growth in consumption, the increase in consumer spending is lagging behind income growth, with real disposable income rising by 5.2% while consumption expenditure grew by only 4.7% [6]. - Service consumption growth has slowed, with a 4.1% increase in per capita service spending, which is below the overall consumption growth rate [7]. Group 7: Policy Recommendations for Consumption Growth - To address the challenges, policies should focus on enhancing employment, increasing income, and stabilizing expectations to boost consumer capacity [9]. - The government should optimize the "old-for-new" policy and support service consumption, particularly in sectors like tourism and elderly care [10]. - Strengthening innovation in consumption and improving the supply of quality goods and services is essential for sustainable growth [10].