Economic Growth and Consumption - The core viewpoint is that consumption will play a more significant role in driving economic growth this year, with retail sales expected to exceed a 5% growth rate, compared to 3.5% last year [2][5] - In May, the total retail sales of consumer goods reached 41,326 billion yuan, marking a year-on-year increase of 6.4%, the highest growth rate since 2024 [4][5] - The "old-for-new" consumption policy has effectively boosted sales, contributing 1.1 trillion yuan in sales across five major categories in the first five months [5] Foreign Trade Performance - The total value of goods trade in the first five months was 17.94 trillion yuan, with a year-on-year growth of 2.5%, indicating better-than-expected foreign trade performance [10] - Exports to the EU and ASEAN increased significantly by 9.1% and 2.9%, respectively, while exports to the US decreased by 8.1% due to tariff increases [10] - The phenomenon of "export grabbing" has contributed to the positive foreign trade data, as companies rushed to export before anticipated tariff hikes [9][10] Service Consumption and Innovation - The shift in consumer demographics, particularly the rise of the post-95 and post-00 generations, is driving demand for emotional value and personalized consumption [6] - Service consumption can be categorized into survival, development, and experiential services, with a focus on promoting experiential services through innovative consumption scenarios [6] - Increasing public service investment and improving income distribution are essential for enhancing overall consumption [8] Policy Recommendations - To address weak price levels and stimulate consumption, targeted policy measures should include improving income distribution and increasing public consumption [8] - The government could consider expanding subsidies from durable goods to service consumption and providing direct consumption subsidies to low-income groups [5][8]