Core Viewpoint - The article emphasizes the need for China to enhance its consumption structure, particularly focusing on service consumption and improving the purchasing power of low-income groups [1][2]. Group 1: Economic Indicators and Trends - In May 2024, various macroeconomic indicators in China showed improvement, especially in consumer data, which exceeded market expectations [1]. - The consumption-to-GDP ratio in China is approximately 20 percentage points lower than the international average, highlighting a long-term issue in the consumption sector [1][2]. - As the growth rates of real estate and infrastructure decline, the shortcomings in consumption are becoming more pronounced [1]. Group 2: Policy Initiatives - The 2024 Government Work Report prioritizes boosting consumption and improving investment efficiency, aiming to make domestic demand a key driver of economic growth [2]. - The "Special Action Plan to Boost Consumption" outlines systematic measures to increase residents' income, enhance consumption capacity, improve service quality, and optimize the consumption environment [2]. Group 3: Consumption Data - In May 2024, China's total retail sales of consumer goods increased by 6.4% year-on-year, with a notable acceleration of 1.3 percentage points compared to the previous month [3]. - For the first five months of 2024, service retail sales grew by 5.2%, slightly outpacing the growth rate of goods retail sales [3].
刘世锦:中国弥补消费短板的重点是服务消费尤其发展型消费
第一财经·2025-06-25 02:59