Core Viewpoint - The data released by the National Bureau of Statistics indicates a steady growth in retail sales, with a total of 37,174 billion yuan in April, reflecting a year-on-year increase of 5.1% and a month-on-month increase of 0.24% [1] Group 1: Retail Sales Performance - In the first four months of the year, the total retail sales of consumer goods reached 161,845 billion yuan, showing a year-on-year growth of 4.7%, with service retail sales also increasing by 5.1% [1][2] - The retail sales of household appliances and audio-visual equipment, cultural and office supplies, furniture, and communication equipment saw significant year-on-year growth of 38.8%, 33.5%, 26.9%, and 19.9% respectively in April [2][3] Group 2: Consumer Behavior Trends - Basic living and upgraded goods experienced rapid growth, with year-on-year retail sales of staple food, sports and entertainment products, and gold and silver jewelry increasing by 14%, 23.3%, and 25.3% respectively in April [3] - Service consumption related to travel and outings grew rapidly, with transportation, communication, and tourism services maintaining double-digit growth in the first four months [3] Group 3: Policy Impact and Future Outlook - The ongoing effects of policies aimed at boosting consumption are evident, with a notable recovery in the consumer market, driven by the "old-for-new" consumption policy [4][5] - The government emphasizes the importance of boosting consumption as a key economic task, with expectations for continued market recovery as policy effects become more pronounced [4][5]

Economic Growth and Policy Implementation - The national economy has shown resilience and stable growth in April, supported by proactive macro policies that effectively respond to external shocks [1][2] - Major production demand indicators have seen significant growth compared to the previous year, with industrial value-added increasing by 6.1% year-on-year in April [2] - Fixed asset investment has also expanded, with a year-on-year growth of 4% in the first four months [2] Trade and External Resilience - Despite a challenging international environment, China's foreign trade has maintained steady growth, with total goods import and export value increasing by 2.4% year-on-year in the first four months [3] - Trade with countries involved in the Belt and Road Initiative has grown by 3.9%, indicating a diversification in trade partnerships [3] Consumer Market Dynamics - The consumer market has shown stable growth, with retail sales of consumer goods increasing by 4.7% year-on-year in the first four months, supported by policies promoting consumption [4] - The "old for new" consumption policy has positively impacted sales in various categories, with significant year-on-year growth in household appliances and communication equipment [4] New Economic Drivers - New consumption drivers are emerging, with online retail and instant retail gaining popularity, leading to a 5.8% year-on-year increase in physical goods online retail sales [4] - The high-tech manufacturing sector has also seen robust growth, with a 10% year-on-year increase in value-added for high-tech manufacturing in April [3] Policy Effectiveness and Future Outlook - The effectiveness of macro policies has been evident, with a focus on stabilizing employment, businesses, and market expectations to ensure sustainable economic development [5][8] - The government aims to enhance consumer capacity and improve the consumption environment to further unlock consumption potential [5]

Economic Overview - In April, China's economy demonstrated resilience amid external shocks and internal challenges, with various regions and departments implementing proactive macro policies to stabilize growth [1][2] - Key economic indicators showed stable growth, with industrial added value increasing by 6.1% year-on-year and the service sector production index rising by 6.0% [1][2] Industrial Performance - The industrial sector maintained rapid growth, with the added value of industrial enterprises above designated size increasing by 6.1%, marking one of the fastest monthly growth rates since last year [1][5] - Equipment manufacturing saw significant growth, with a year-on-year increase of 9.8%, contributing 55.9% to the overall industrial growth [1][5] Service Sector Growth - The service sector's production index grew by 6.0%, with notable increases in information transmission, software, and IT services (10.4%) and leasing and business services (8.9%) [2][3] - Retail sales of consumer goods increased by 4.7% year-on-year from January to April, with service retail sales growing by 5.1% [3][4] Consumption Trends - The consumption of home appliances and cultural office supplies saw substantial growth, with retail sales increasing by 38.8% and 33.5% respectively in April [3][4] - Travel and communication services experienced double-digit growth due to increased demand during holidays [3][4] Investment Dynamics - From January to April, fixed asset investment (excluding rural households) reached 147,024 billion yuan, growing by 4.0% year-on-year, with high-tech industries showing significant investment growth [5][6] - The manufacturing sector exhibited rapid growth, particularly in integrated circuits (21.3%) and new energy vehicles (38.9%) [5][6] Future Outlook - Despite ongoing international uncertainties, China's economic fundamentals remain strong, supported by coordinated macro policies and innovation-driven growth [5][6] - The industrial sector is expected to continue its transformation and upgrade, with a focus on expanding domestic demand and fostering new industries [6]

Core Insights - The economic recovery in April 2025 is supported by the implementation of "two new" policies and special actions to boost consumption, leading to a stable growth in the consumption market [1][3] Group 1: Market Sales Performance - Market sales are steadily recovering, with a year-on-year growth of 4.7% in social retail sales from January to April, which is an acceleration of 0.1 percentage points compared to the first quarter [1] - Service retail sales also showed a year-on-year growth of 5.1%, similarly accelerating by 0.1 percentage points compared to the first quarter, marking two consecutive months of growth [1] Group 2: Impact of Trade-in Policies - Sales of goods related to the trade-in policy have significantly increased, with retail sales of household appliances and audio-visual equipment, cultural and office supplies, furniture, and communication equipment growing by 38.8%, 33.5%, 26.9%, and 19.9% respectively in April [2] Group 3: Growth in Essential and Upgraded Goods - Retail sales of essential and upgraded goods have also seen rapid growth, with year-on-year increases of 14% for grain and oil products, 23.3% for sports and entertainment products, and 25.3% for gold and silver jewelry in April [2] Group 4: Growth in Service Consumption - Service consumption related to travel and outings has grown rapidly, driven by strong demand during holidays, with double-digit growth in retail sales for transportation, communication, tourism consulting, and rental services from January to April [2] Group 5: New Consumption Drivers - The growth of new consumption drivers is notable, with online retail sales of physical goods increasing by 5.8% year-on-year from January to April, continuing to outpace the overall growth of social retail sales [2] Group 6: Future Outlook - While the policy effects are continuing to show, there is a need to further enhance the endogenous growth momentum of consumption, with plans to implement special actions to boost consumption, improve consumer capacity, increase quality supply, and enhance the consumption environment [3]

文 | 新浪财经 刘丽丽 3月26日，新浪财经携手北京大学光华管理学院、第一财经，联手打造新一季博鳌夜话。作为 博鳌亚洲论坛期间影响力最大的夜话品牌活动之一，新浪财经之夜活动已成功举办12届。今年 活动的主题为"未来在场：AI驱动与消费新动能"。 北京大学光华管理学院院长刘俏、清华大学智能产业研究院（AIR）院长、中国工程院院士张 亚勤、全球化智库（CCG）创始人兼理事长、国务院原参事王辉耀、脑虎科技创始人&CEO彭 雷、百度集团副总裁袁佛玉、远东控股集团创始人、董事局主席蒋锡培、新氧集团董事长兼 CEO金星、蒙牛集团副总裁杨晓君、著名经济学家马光远等重量级嘉宾分享了真知灼见。 邓庆旭：政府决策链条的敏捷反应， 是我们自信的来源 （新浪财经CEO邓庆旭） 新浪财经CEO邓庆旭代表主办方致辞。他表示，今年的博鳌亚洲论坛氛围比往年更好，这种变 化背后是信心的体现。在他看来，这种信心来自四个方面：第一是以DeepSeek为代表的中国新 技术涌现。第二是我国各级政府的决策链条反应非常敏捷反应，这是我们信心的重要来源。第 三是来自中国人的底层性格——勤劳、朴实、有智慧。第四是虽然大环境的不确定性比较多， 但中国政府坚持 ...