2025.12.16 消费正在成为中国经济提质增效的牛鼻子。 近日商务部、央行、金融监管总局三部门共同发布《关于加强商务和金融协同 更大力度提振消费的通 知》，鼓励商务主管部门充分利用现有资金渠道，积极开展促消费活动，与金融支持形成合力，更好激 发消费潜力。 刚刚结束的中央经济工作会议，将提振消费、扩大内需作为明年经济工作的八大重要任务之首。将消费 放在经济提质增效的关键位置，这也是改革开放以来中国经济砥砺前行中博弈出来的实践智慧，浓缩着 决策体系对经济工作形成的新认识和体会：消费是经济社会发展的推动力，历经四十多年的跨越式发 展，不断满足奋斗者对美好生活的追求，是经济发展最美的本源。 第二个百年奋斗目标，不仅装着国强的宏大叙事，也漫溢着民富的经济烟火，这些是经济社会发展最朴 实的面貌。 提振消费，促进政策提质增效，需要一个全新的认知和思路转换，告别刺激的老路。投资出口型增长模 式的内生结构相对简单，只要瞄准先进目标，千方百计增加资本积累，创造条件满足生产制造需要的各 要素就可以，这种千线穿一针的任务虽艰巨，但目标明确、条件确定和客观。 消费型驱动模式的内生结构则复杂得多，其目标和条件充斥着复杂的主观概率。消 ...

2025.12. 16 本文字数：1633，阅读时长大约3分钟 作者 | 一财评论员 消费正在成为中国经济提质增效的牛鼻子。 近日商务部、央行、金融监管总局三部门共同发布《关于加强商务和金融协同 更大力度提振消费的 通知》，鼓励商务主管部门充分利用现有资金渠道，积极开展促消费活动，与金融支持形成合力，更 好激发消费潜力。 刚刚结束的中央经济工作会议，将提振消费、扩大内需作为明年经济工作的八大重要任务之首。将消 费放在经济提质增效的关键位置，这也是改革开放以来中国经济砥砺前行中博弈出来的实践智慧，浓 缩着决策体系对经济工作形成的新认识和体会：消费是经济社会发展的推动力，历经四十多年的跨越 式发展，不断满足奋斗者对美好生活的追求，是经济发展最美的本源。 第二个百年奋斗目标，不仅装着国强的宏大叙事，也漫溢着民富的经济烟火，这些是经济社会发展最 朴实的面貌。 提振消费，促进政策提质增效，需要一个全新的认知和思路转换，告别刺激的老路。投资出口型增长 模式的内生结构相对简单，只要瞄准先进目标，千方百计增加资本积累，创造条件满足生产制造需要 的各要素就可以，这种千线穿一针的任务虽艰巨，但目标明确、条件确定和客观。 消费型驱 ...

深化商务和金融系统协作 党中央、国务院高度重视提振消费工作。党的二十届四中全会指出，发挥好产业、价格、就业、消费、投资、贸易、区域、环保、监管等政策 作用，促进形成更多由内需主导、消费拉动、内生增长的经济发展模式。近日召开的中央经济工作会议要求，引导金融机构加力支持扩大内 需。中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》，明确加强财税、金融、产业、投资等政策与消费政策的协同。 提振消费是扩大内需、做大做强国内大循环的重中之重。 近日召开的中央经济工作会议明确要求，"引导金融机构加力支持扩大内需"。为贯彻落实相关决策部署，商务部、中国人民银行、金融监管总 局印发《关于加强商务和金融协同 更大力度提振消费的通知》（以下简称《通知》）。 围绕商品消费、服务消费、新型消费、消费场景、消费帮扶等重点领域，《通知》从深化商务和金融系统协作、加大消费重点领域金融支持、 扩大政金企对接合作等方面提出了11条具体的政策措施，旨在通过打通商务场景资源与金融服务能力的对接通道，形成政策合力，进一步释放 消费潜力。 招联首席研究员董希淼向记者表示，提振消费政策正从短期刺激性工具，向长期性、系统性的主线转变。《通知》是落实 ...

Group 1 - The core viewpoint of the articles emphasizes the effectiveness of proactive fiscal policies in supporting major national strategies, expanding domestic demand, stabilizing growth, and improving people's livelihoods in 2025 and the continuation of these policies into 2026 [1][2][3]. Group 2 - In 2025, significant fiscal measures included the allocation of 800 billion yuan in special bonds to support major projects, which involved 1,459 projects in key areas such as ecological restoration and transportation infrastructure [2]. - The consumer goods replacement policy led to a 26.5% increase in sales revenue for home appliances and a 20.3% increase for communication retail in the first eleven months of 2025 [2]. - The fiscal spending since the 14th Five-Year Plan has directed over 70% towards improving people's livelihoods, indicating a strong focus on social welfare [2]. Group 3 - The fiscal policy has played a crucial role in boosting consumption and expanding investment, contributing to the achievement of economic and social development goals [3]. - Investment in human capital through subsidies for childcare and education is seen as essential for high-quality development and improving residents' living standards [3]. Group 4 - The government plans to optimize expenditure structures and enhance financial support for major national strategies, focusing on investments in human capital and expanding domestic demand [4]. - The Ministry of Finance has outlined strategies to promote income growth and optimize income distribution to stimulate consumption [4]. Group 5 - Experts suggest that policies aimed at expanding domestic demand, such as the consumer goods replacement policy, may need optimization to avoid diminishing returns [5]. - There is potential for expanding the subsidy range to include new consumption-related products, such as AI products and electric vehicle charging stations [6]. Group 6 - The government aims to leverage various types of government bond funds to support major projects and enhance the effectiveness of fiscal policies [7]. - Optimizing project reserves and expanding the fiscal "toolbox" are seen as ways to improve the effectiveness of investment policies [8].

Core Viewpoint - The article emphasizes the effectiveness of proactive fiscal policies in 2025, which have supported major national strategies, expanded domestic demand, stabilized growth, and improved people's livelihoods. It anticipates continued expansionary fiscal policies in 2026, focusing on both material and human investments [1][2]. Group 1: Fiscal Policy Effectiveness - In 2025, proactive fiscal policies significantly supported major national strategies, with 800 billion yuan allocated for "two重" construction and 1,880 billion yuan for equipment upgrades, leading to a 10.7% year-on-year increase in machinery and equipment purchases from January to November [1]. - Increased spending in the livelihood sector was noted, with sales in supported retail sectors growing by 26.5% and 20.3% year-on-year, respectively, from January to November [1]. - Over 70% of national fiscal spending since the start of the "14th Five-Year Plan" has been directed towards improving people's livelihoods, according to the Minister of Finance [1]. Group 2: Investment in People and Material - Fiscal policies in 2025 met expectations in material investments, while policies aimed at human investments, such as childcare subsidies and free preschool education, contributed to high-quality population development [2]. - The combination of material and human investments is seen as essential for high-quality development and improving residents' living standards, creating a virtuous cycle of new demand and supply [2]. Group 3: Future Policy Directions - The Ministry of Finance plans to optimize spending structures and enhance financial support for major national strategies, focusing on increasing funding for human investments and expanding domestic demand [3][4]. - Policies supporting "two重" and "two新" will continue, with an emphasis on utilizing government bond funds and increasing central budget investments to stabilize and boost investment [5]. - Experts suggest that optimizing project reserves and expanding the fiscal "toolbox" will enhance the effectiveness of material investment policies [5][6].

招联首席研究员董希淼向记者表示，提振消费政策正从短期刺激性工具，向长期性、系统性的主线转 变。《通知》是落实中央经济工作会议"坚持内需主导，建设强大国内市场"的政策部署，旨在通过商务 与金融系统的深度协同，破解制约消费潜力释放的障碍。《通知》的意义在于将提振消费的部署，转化 为一套系统、可操作、鼓励创新的协同行动框架，有助于构建一个由商务政策引导、金融服务支撑、多 方主体参与的良性消费生态。 （资料图） 党中央、国务院高度重视提振消费工作。党的二十届四中全会指出，发挥好产业、价格、就业、消费、 投资、贸易、区域、环保、监管等政策作用，促进形成更多由内需主导、消费拉动、内生增长的经济发 展模式。近日召开的中央经济工作会议要求，引导金融机构加力支持扩大内需。中共中央办公厅、国务 院办公厅印发《提振消费专项行动方案》，明确加强财税、金融、产业、投资等政策与消费政策的协 同。 商务部财务司负责人有关负责人表示，为贯彻党中央、国务院决策部署，商务部、中国人民银行、金融 监管总局深入调查研究、广泛听取意见，在已出台金融支持政策基础上，进一步细化完善具体举措，研 究制定《通知》，指导地方相关部门和金融机构加强协同，精准施策 ...

"制定实施城乡居民增收计划"，抓住了能消费的核心要义。 提振消费，促进政策提质增效，需要一个全新的认知和思路转换，告别刺激的老路。投资出口型增长模 式的内生结构相对简单，只要瞄准先进目标，千方百计增加资本积累，创造条件满足生产制造需要的各 要素就可以，这种千线穿一针的任务虽艰巨，但目标明确、条件确定和客观。 消费型驱动模式的内生结构则复杂得多，其目标和条件充斥着复杂的主观概率。消费需多维度、多向量 的匹配，不仅要有创新供给体系，更需个体偏好的多元化表达机制，还需市场偏好的信息搜集能力和供 需匹配机制，以及供需的趋势互动能力。 提振消费的政策要真正提质增效，关键要念好能消费、敢消费和愿消费这"三字经"，着力打造消费友好 型制度场景，让消费成为一种享受，而非任务和目标。 能消费，度量的是市场的有效购买力，反映的是需求而非需要。当前有效需求不足，背后的深层原因是 储蓄和消费的平衡度问题。改革开放以来，起步于短缺经济的中国对积累有着近乎炽热的追求，在国民 收入中，更多资源投入到资本形成，消费满足历经长期压抑，导致内需不稳和有效需求不足。 因此，念好能消费这个"三字经"，没有捷径，核心就是提高人们的收入。中央经济工作会 ...

Core Viewpoint - The joint notification from the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau aims to strengthen collaboration between commerce and finance to boost and expand consumption in China [1][2]. Group 1: Policy Measures - The notification outlines 11 policy measures across three main areas, encouraging the synergy of government, finance, and enterprises to promote consumption through diverse activities and information sharing [1][2]. - Local commerce departments are encouraged to utilize existing funding channels to conduct consumption promotion activities, enhancing the effectiveness of financial support [2]. - The notification emphasizes the importance of financial institutions in supporting key consumption areas, including health, culture, and new consumption fields like digital and green consumption [2][3]. Group 2: New Consumption Development - The notification promotes the development of new consumption models, focusing on risk control and commercial sustainability, and encourages financial support for emerging sectors such as green and digital consumption [2][3]. - It highlights the role of digital RMB smart contracts and improved inbound payment convenience to empower cities with active consumption ecosystems [3]. Group 3: Upgrading Consumption - The notification calls for enhanced financial services for durable goods and digital products, aiming to meet consumer demand for upgrades [4]. - Financial institutions are encouraged to collaborate with platforms and key merchants to improve payment services, including installment plans and digital RMB [4]. - Policies supporting trade integration and cross-border supply chain financing are emphasized to facilitate the entry of quality foreign products into the domestic market [4]. Group 4: Economic Context - The notification is part of broader macroeconomic policies aimed at stabilizing the economy and promoting domestic demand, with recent indicators showing positive trends in consumer prices and production [5]. - The Ministry of Commerce plans to work with financial authorities to ensure the effective implementation of these measures, contributing to a strong start for the 14th Five-Year Plan [5].

Group 1 - The report emphasizes the importance of domestic demand as the primary driver for economic growth in 2026, with a focus on implementing consumption-boosting initiatives and enhancing the domestic market [11][12][13] - The contribution rate of domestic demand to economic growth from 2021 to 2024 is projected to be 86.4%, with final consumption accounting for an average contribution rate of 56.2% [12][13] - The report highlights the shift in the retail industry towards quality and service-driven growth, as discussed in the National Retail Innovation Development Conference [15][16] Group 2 - The North Exchange's consumer services sector saw a weekly increase of 0.44%, with food and beverage sector rising by 3.32% [25][31] - As of December 13, 2025, there are 25 companies related to the consumer services sector in the North Exchange's queue, with an average revenue of 1.242 billion yuan and an average net profit of 140.35 million yuan for 2024 [47][48] - Notable companies in the consumer services sector include Yizhi Moyu, which has a market value of 3.555 billion yuan and a net profit of 62.34 million yuan for 2025 Q1-Q3 [24][35] Group 3 - The Consumer Price Index (CPI) for November 2025 increased by 0.7% year-on-year, primarily driven by rising food prices [36][38] - The average wholesale price of pork is reported at 17.65 yuan per kilogram, while the average price of eggs is at 7.43 yuan per kilogram, reflecting market conditions [40][41] - The report indicates that the average price of fresh milk in major producing provinces is 3.02 yuan per kilogram, remaining stable compared to the previous week [46] Group 4 - The report outlines the significant sales performance during the "Double 11" shopping festival, with home appliances, digital devices, and clothing being the top three categories by sales volume [19][21] - The "Double 12" shopping event is set to further stimulate consumer spending, with various platforms launching promotional activities [18][22] - The report identifies 20 related stocks in the North Exchange for the "Double 12" event, covering categories such as home appliances, personal care, and food and beverages [23][24]

中新社北京12月15日电 中国A股15日(周一)"遇冷"，主要股指悉数下跌，但多个消费相关板块逆势走 高，涨幅居前。 根据金融数据服务商东方财富的统计，乳业、退税商店、商业百货、食品饮料等板块当天表现亮眼。其 中，乳业板块全天录得3.74%的涨幅，领涨A股所有概念板块。个股方面，皇氏集团、均瑶健康、南侨 食品、阳光乳业股价收获涨停板(涨幅约10%)。 中邮证券分析师赵洋表示，今年中央经济工作会议将"坚持内需主导，建设强大国内市场"确定为2026年 中国经济工作八项重点任务之首，并提出了"深入实施提振消费专项行动，制定实施城乡居民增收计 划"等措施。预计后续将有更多提振消费的政策出台，有利于增强投资者对相关消费板块的投资信心。 就当天A股主要指数的表现而言，截至收盘，上证指数报3867点，跌幅为0.55%；深证成指报13112点， 跌幅为1.1%；创业板指报3137点，跌1.77%。沪深两市成交总额约17734亿元人民币，较上一个交易日 缩量约3188亿元人民币。(完) （文章来源：中国新闻网） 消息面上，中国商务部、中国人民银行、中国国家金融监管总局近日联合印发《关于加强商务和金融协 同更大力度提振消费的通知 ...