Core Viewpoint - The Chinese government is implementing a series of proactive fiscal policies aimed at promoting high-quality economic and social development, with a focus on increasing overall fiscal expenditure and optimizing its structure for better efficiency and stronger economic momentum [2][14]. Fiscal Policy and Expenditure - In 2026, the overall fiscal expenditure will continue to increase, ensuring that the fiscal deficit, total debt scale, and expenditure remain at necessary levels, with a commitment to "only increase, not decrease" [2][14]. - The fiscal deficit rate for 2025 is set at around 4%, an increase of one percentage point from the previous year, with new government debt reaching 11.86 trillion yuan, up by 2.9 trillion yuan from the previous year [3][4]. Debt Management - The government maintains a relatively low debt-to-GDP ratio compared to the average of G20 countries, despite increasing deficits and debt issuance [4]. - In 2025, measures will be taken to replace 2 trillion yuan of hidden debt and allocate 800 billion yuan in new special bonds to support local government finances, thereby reducing the average interest cost of local debts by over 2.5 percentage points [6][7]. Support for Consumption and Investment - A special long-term government bond issuance of 1.3 trillion yuan in 2025 will support consumption and promote the sale of green, low-carbon, and intelligent products, with an expected sales boost of approximately 2.6 trillion yuan [5]. - Policies will be introduced to stimulate consumption through personal consumption loans and support for new consumption models, as well as adjustments to tax refund policies for duty-free shops [5]. Support for SMEs and Innovation - A new loan interest subsidy policy for small and micro enterprises will focus on 14 key industrial chains, including new energy, automotive, and medical equipment [8][9]. - The government will provide risk-sharing funds to support bond issuance for private enterprises and private equity investment institutions, mitigating investor losses [10]. Pension and Social Security - In 2025, the central government will allocate approximately 1.2 trillion yuan for basic pension insurance subsidies, with a 2% increase in pension levels for retirees [11]. Tax System and Market Development - The government aims to improve the local tax system to support the construction of a unified national market, including clarifying fiscal responsibilities and enhancing tax regulations [12]. Technological Innovation and Investment - The government will support the National Venture Capital Guidance Fund to invest in early-stage, small, long-term, and hard technology projects, promoting innovation in key industries [19]. - Financial support will be provided for technology innovation loans, with the central bank offering re-loan support to facilitate the transformation of manufacturing and digitalization of SMEs [20][21]. Export Tax Policy Changes - The cancellation of export tax rebates for solar and electronic products starting April 1, 2026, is expected to promote efficient resource utilization and address "involution" in competition [17].

商务部认真贯彻落实党中央、国务院关于扩大内需、提振消费的决策部署，深入实施提振消费专项行 动，坚持"政策+活动"双轮驱动，打造"购在中国"品牌，持续释放消费潜力。全国冰雪消费季作为"购在 中国"重点专项活动，将进一步整合各地冰雪资源，推出更多优质商品和服务，创新"冰雪+"消费场景， 打造国际化消费环境，推动冰雪经济高质量发展，激活消费新动能。 1月19日，"购在中国"全国冰雪消费季启动仪式在黑龙江哈尔滨举办。商务部副部长盛秋平视频致辞， 黑龙江省副省长韩圣健出席。 ...

省级层面，将重点围绕九大主题举办消费促进活动，包括优化实施消费品以旧换新，扩大商品消费；推 进"有奖发票"试点，以"小发票"撬动"大消费"；启动"青海家宴"品牌建设三年行动，打响特色餐饮品 牌；举办"老字号嘉年华・新春年货季"，打造一站式新春消费场景；举办"购在青海 双节添彩"线上促 消费活动，力促一季度消费"开门红"；办好第八届双品网购节，激发品质品牌消费活力；举办精品消费 月活动，在年末叠加多重优惠提振消费；推广"青海好物"，助力特色产品开拓国内外市场；深化农体文 旅商融合，推动多业态协同促消费。 各市（州）、县（区）商务等部门，将结合本地特色，开展200场以上区域消费促进活动。各类市场主 体，将借助季节时令、节日假期、体育赛事、文艺演出、旅游出行等消费热点载体，开展200场以上打 折让利、满减赠礼等促消费活动。 本报讯 （记者 董洁） 为深入贯彻党的二十届四中全会、中央经济工作会议"扩大内需、提振消费"决策 部署，全面落实省委、省政府"以开局即决战、起步即冲刺的姿态，奋力实现一季度'开门红'"的工作安 排，青海省商务厅提前谋划、精心布局，制定《2026年青海省消费促进活动方案》，并于1月19日举办 启动 ...

本报讯（西海新闻记者 范程程）1月19日，由青海省商务厅主办的2026年全省促消费活动在西宁启动。 今年，全省促消费活动将按照"1+9+N"总体框架展开，计划举办各类消费促进活动400场次以上，较 2025年大幅增加。 青海各市（州）、县（区）商务等部门将结合本地特色，开展200场以上区域消费促进活动。各类经营 主体将借助季节时令、节日假期、体育赛事、文艺演出、旅游出行等消费热点载体，开展200场以上打 折让利、满减赠礼等促消费活动。 为深入贯彻党的二十届四中全会、中央经济工作会议"扩大内需、提振消费"决策部署，全面落实省委、 省政府"以开局即决战、起步即冲刺的姿态，奋力实现一季度开门红"工作安排，省商务厅提前谋划、精 心布局，制定《2026年青海省消费促进活动方案》，发布2026年全省促消费活动安排，相关部门、地 区、金融机构及商贸企业代表分别发布年度促消费活动。2026年，全省促消费活动将按照"1+9+N"总体 框架："1"是指全省促消费活动启动会，"9"是指9个省级消费促进活动主题，"N"是指市（州）、县 （区）相关部门和商协会、金融机构、企业等配套开展的系列消费促进活动。 省级层面，将重点围绕九大主题 ...

Core Viewpoint - Investment in human capital, such as education, employment, healthcare, and social security, is essential for unleashing long-term consumption potential and breaking the cycle of "involution" in the economy [1][3]. Economic Data Summary - The National Bureau of Statistics reported that in 2025, the Consumer Price Index (CPI) remained stable compared to the previous year, while the per capita disposable income reached 43,377 yuan, reflecting a nominal growth of 5.0% [3][4]. - Urban residents' per capita disposable income grew by 4.3%, while rural residents saw a higher growth rate of 5.8%, indicating a policy focus on narrowing income disparities and optimizing income distribution [3][4]. Consumption Insights - Rural retail sales of consumer goods are approximately one-sixth of urban retail sales, highlighting the need to enhance consumption among low- and middle-income groups to stimulate economic growth [3][4]. - One challenge in boosting consumption is the low proportion of labor income in initial distribution, making it crucial to increase labor compensation [4]. - The intergenerational support burden on the working population complicates consumption, as they must cover not only their expenses but also those of family members [4]. - The lack of consumption scenarios and willingness is another significant challenge, with high-quality supply being key to driving consumer demand [4]. - Service consumption has a higher potential ceiling compared to goods consumption, and fostering habitual long-term consumption is vital for transitioning the economy from investment and trade reliance to consumption-driven growth [4].

Core Insights - The consumption market in China is expected to continue expanding and upgrading, driven by policies aimed at boosting consumption and improving people's livelihoods in 2025 [1] Group 1: Consumption Scale and Growth - The total retail sales of consumer goods are projected to exceed 50 trillion yuan, reaching 50,120.2 billion yuan, with a year-on-year growth of 3.7%, accelerating by 0.2 percentage points compared to the previous year [2] - Retail sales in rural areas are growing faster than in urban areas, with rural retail sales increasing by 4.1%, outpacing urban growth of 3.6% by 0.5 percentage points [2] - The county and township market's share of total retail sales is expected to be 38.7% in 2025, indicating a steady release of consumption potential in these areas [2] Group 2: Service Retail Growth - Service retail is anticipated to grow by 5.5%, with an acceleration of 0.3 percentage points compared to the previous year, outpacing goods retail growth by 1.7 percentage points [3] - The film industry is experiencing significant growth, with box office revenue reaching 51.83 billion yuan, a 21.7% increase from the previous year [3] - New service models such as online consultations and training are thriving, contributing to a continued rapid growth in information consumption [3] Group 3: Sales of Upgraded and Replacement Goods - The "trade-in" policy is showing positive effects, with retail sales of goods in key units increasing by 3.4%, an acceleration of 0.7 percentage points from the previous year [4] - Retail sales of communication equipment and cultural office supplies have surged by 20.9% and 17.3%, respectively, with furniture sales growing by 14.6% [4] - The retail volume of new energy passenger vehicles reached 12.809 million units, marking a 17.6% increase, with a penetration rate of 53.9%, up by 6.3 percentage points [4] Group 4: New Consumption Models and Trends - Online retail sales are expected to grow by 8.6%, with physical goods online retail increasing by 5.2%, contributing 1.3 percentage points to total retail sales [5] - The live-streaming e-commerce sector is thriving, with transaction volumes increasing by 11.3%, while instant delivery services are rapidly developing to meet consumer demands [5] - Physical retail stores are also seeing growth, with retail sales in key units increasing by 1.7%, driven by new business models that cater to quality and personalized consumer needs [5]

康义首先提到，我国有14亿多人口，有庞大的中等收入群体，是具有全球影响力的超大规模市场。当 前，居民消费向优转变，个性化、多样化、品质化的消费偏好日益凸显，这里面就蕴藏着巨大潜力。 二是促消费政策继续显效。康义表示，今年将深入实施提振消费专项行动，制定实施城乡居民增收计 划。2026年以旧换新政策继续实施，并且在不断优化，第一批625亿元超长期特别国债资金已提前下 达，清理消费领域不合理限制措施逐步推进，政策落地将对消费增长形成支撑。 国家发改委此前撰文指出，实施城乡居民增收计划，提高居民收入在国民收入分配中的比重，提高劳动 报酬在初次分配中的比重，努力实现居民收入和经济增长同步、劳动报酬提高和劳动生产率提高同步。 加大直达消费者的普惠政策力度，增加政府资金用于民生保障支出。 记者 辛圆 除上述两个方面，康义提到，全国统一大市场建设有利于持续优化消费环境，新技术、新科技应用将会 增加更多的高品质消费供给，沉浸式、体验式消费场景也在不断培育，消费者权益保护持续加强，这些 都有助于释放更大的消费潜力。 国家统计局局长康义在周一的国新办新闻发布会上表示，展望2026年，尽管面临压力和挑战，但支撑消 费继续增长的积极 ...

Core Viewpoint - In 2025, various regions and sectors will implement policies to boost consumption, leading to enhanced market vitality and the continuous expansion and upgrading of the consumption market [1] Group 1: Consumption Scale and Market Dynamics - The total retail sales of consumer goods will exceed 50 trillion, reaching 50,120.2 billion, with a year-on-year growth of 3.7%, accelerating by 0.2 percentage points compared to the previous year [2] - Rural market sales will outpace urban sales, with rural retail sales growing by 4.1%, 0.5 percentage points higher than urban sales growth of 3.6% [2] - The county and township market will account for 38.7% of the total retail sales of consumer goods [2] Group 2: Service Retail Growth - Service retail will grow by 5.5%, with an acceleration of 0.3 percentage points compared to the previous year, outpacing goods retail growth by 1.7 percentage points [3] - The film industry will see significant growth, with box office revenue reaching 51.83 billion, a 21.7% increase from the previous year [3] - Information consumption will continue to grow rapidly, with telecommunications and information services maintaining double-digit growth [3] Group 3: Upgrading and Replacement Sales - The "trade-in" policy will positively impact sales, with retail sales of limited enterprises growing by 3.4%, an increase of 0.7 percentage points from the previous year [4] - Retail sales of communication equipment and cultural office supplies will grow by 20.9% and 17.3%, respectively, with furniture sales increasing by 14.6% [4] - The retail volume of new energy passenger vehicles will reach 12.809 million, a 17.6% increase, with a penetration rate of 53.9%, up by 6.3 percentage points [4] Group 4: New Consumption Models - Online retail will grow by 8.6%, with physical goods online retail increasing by 5.2%, contributing 1.3 percentage points to the total retail sales [5] - The live commerce sector will see an 11.3% growth in transaction volume, while instant delivery services will also expand rapidly [5] - Physical retail stores will see a 1.7% increase in sales, with new retail formats like warehouse membership stores and unmanned stores experiencing double-digit growth [5] Group 5: Future Outlook - The consumption market will continue to grow steadily, supported by various policies, with an increasingly optimized supply system and upgraded consumption structure [6] - The trend of diversified consumption scenarios will further solidify the expansion and quality improvement of the consumption market in 2026 [6]

Group 1 - The State Council, led by Premier Li Qiang, is focusing on boosting consumer spending through various initiatives, including the promotion of service consumption and the establishment of a long-term consumption mechanism [2][3] - The meeting emphasized the importance of clearing overdue payments to enterprises and ensuring the payment of wages to migrant workers, highlighting the need for increased efforts and accountability at the local level [3] - The State Council approved amendments to several administrative regulations, aiming to enhance the quality and effectiveness of government legislation [3] Group 2 - The meeting discussed the need to support new business models and service scenarios to stimulate service consumption, addressing issues related to credit, standards, and safety management [2] - A plan for the "14th Five-Year" expansion of consumption and urban-rural income increase was mentioned, aiming to improve consumer capacity and willingness [2] - The meeting also addressed the importance of stabilizing the social environment by ensuring timely wage payments and providing temporary assistance to struggling migrant workers [3]

Group 1: Consumer Promotion Initiatives - The State Council has been actively implementing the special action to boost consumption, achieving positive results since its launch last year [2] - There is a focus on accelerating the cultivation of new growth points in service consumption, supporting the emergence of new business formats and models, and enhancing the quality of service supply [2] - A long-term mechanism for promoting consumption will be established, including the formulation of the "14th Five-Year" plan for expanding consumption and urban and rural residents' income increase plans [2] Group 2: Debt Clearance and Wage Protection - The meeting emphasized the importance of clearing overdue corporate debts and ensuring the payment of migrant workers' wages, which are crucial for protecting corporate rights and public interests [3] - There will be intensified efforts to clear overdue corporate debts, with a focus on key regions and the use of special bond quotas to support debt clearance [3] - Measures will be implemented to address wage arrears, including strict accountability for defaulting employers and enhanced monitoring and assessment mechanisms [3] Group 3: Legislative Revisions - The meeting approved amendments to certain provisions of nine administrative regulations, including the "Urban Greening Regulations," and the repeal of two regulations related to township coal mine management [3] - There is a commitment to modernize administrative regulations, ensuring a smooth transition between old and new laws while improving the overall quality of legislation [3]