Core Viewpoint - The central economic work conference emphasizes "domestic demand as the main driver" and outlines key measures to boost consumption, highlighting the importance of expanding domestic demand and promoting consumption in the current economic environment [1] Group 1: Consumption Market Performance - The consumption market during the 2026 New Year holiday showed strong performance with 590 million cross-regional movements, 142 million domestic trips, and a total tourism expenditure of 84.789 billion yuan, reflecting the resilience of the economy and the potential of holiday consumption as a key driver for domestic demand [1] Group 2: Policy and Market Interaction - The "opening red" of the New Year consumption market is attributed to the synergy between policy support and market confidence, including a 62.5 billion yuan subsidy for replacing old consumer goods and various local initiatives to stimulate consumption [2] - The combination of "policy support + market innovation" has strengthened consumer confidence and activated consumption dynamics, indicating the need to align policies with market demands for sustained consumption recovery [2] Group 3: Supply and Demand Dynamics - The core of promoting consumption lies in the precise alignment of supply and demand, with an increasing emphasis on personalized, quality, and experiential consumer needs, necessitating a focus on enhancing supply quality rather than short-term stimulation [3] Group 4: Diversifying Consumption Scenarios - Innovating diverse consumption scenarios is crucial for expanding holiday consumption space, with successful examples during the New Year holiday including immersive and interactive experiences that enhance consumer engagement [4] - There is a need to integrate traditional culture with modern consumption elements to create unique products and extend consumption opportunities from daytime to nighttime and from distant to local areas [4] Group 5: Quality Supply Enhancement - Increasing the supply of quality goods and services is essential for improving holiday consumption quality, addressing mismatches in supply and demand for high-end products and services [5] - Companies are encouraged to focus on green, intelligent, and high-end directions in product development, while also enhancing service quality in key sectors like tourism and dining [5] Group 6: Policy Implementation Optimization - Optimizing the implementation of consumption-boosting policies is vital for solidifying the foundation of holiday consumption, with a focus on precision, efficiency, and convenience in subsidy distribution [6] - Enhancing market regulation and ensuring consumer rights are protected are fundamental to building a trustworthy consumption environment [7] Group 7: Future Directions - The consumption boom during the 2026 New Year holiday sets a positive tone for the year ahead, indicating that leveraging holiday consumption can drive systemic changes in supply [7] - Continuous collaboration between supply and demand is necessary to sustain the vitality of holiday consumption and strengthen the consumption engine [7]

Core Insights - The 2025 Central Economic Work Conference emphasizes "domestic demand as the main driver" and "prioritizing people's livelihoods" as key tasks for the upcoming year, aligning with the long-term goals of enhancing consumer capacity and improving the social security system outlined in the 15th Five-Year Plan [2] Income Growth - The conference introduces a plan to increase income for urban and rural residents, marking a shift from short-term consumption stimulation to long-term income structure improvement, with a focus on synchronizing income growth with economic growth and labor remuneration with productivity [3] - The income growth plan targets various groups, including college graduates and migrant workers, aiming to stabilize employment and income through job retention and quality enhancement actions [3] - Policies will also address the income of flexible workers like delivery personnel by improving their social security mechanisms, thereby alleviating their concerns about spending [3] Supply Expansion - The conference prioritizes domestic demand and proposes actions to boost consumption by expanding the supply of quality goods and services [6] - There is a focus on upgrading consumer goods from basic to high-quality products, with policies aimed at promoting the iteration of popular items like smartphones and smart home devices [8] - The initiative includes expanding the scope of trade-in policies to cover various categories, enhancing the adaptability of supply to meet consumer needs [8] Investment Promotion - Investment is highlighted as a crucial lever for expanding domestic demand, with the conference calling for measures to stabilize and invigorate private investment [11] - The conference acknowledges a 1.7% year-on-year decline in fixed asset investment in the first ten months of the year, while emphasizing the need for structural optimization in investment, particularly in high-tech sectors [11] - The government aims to create a stable and predictable environment for private investment by addressing barriers and expanding access [13] Consumption Environment Improvement - The conference outlines measures to eliminate unreasonable restrictions in the consumption sector, aligning with the goal of building a unified national market [14] - Policies will encourage the development of new consumption formats such as digital and green consumption, enhancing the management of emerging consumption models [16] - The initiative includes the establishment of a national unified market construction regulation to improve market order and protect consumer rights, fostering a more favorable consumption environment [16]