Economic Data Overview - In November, the total retail sales of consumer goods reached 43,898 billion yuan, with a year-on-year growth of 1.3% [1] - From January to November, the total retail sales amounted to 456,067 billion yuan, reflecting a year-on-year increase of 4.0% [1] - Sales of essential and some upgraded products saw significant growth, with food, communication equipment, and cultural office supplies increasing by 6.1%, 20.6%, and 11.7% respectively [1] Service Consumption Growth - Service retail sales grew by 5.4% year-on-year from January to November, with an acceleration of 0.1 percentage points compared to the previous ten months [1][5] - Notable growth was observed in leisure services, communication services, tourism consulting, and transportation services [5] - The share of service consumption in total consumption is increasing, with residents' spending on services reaching 46.1% of per capita consumption, expected to exceed 50% by 2030 [6] "Old for New" Policy Impact - The "old for new" policy has driven sales exceeding 2.5 trillion yuan, benefiting over 360 million people, with significant contributions from home appliances and digital products [2] - The automotive sector also saw production and sales surpassing 31 million units, with growth rates exceeding 10% year-on-year, aided by the "old for new" initiative [2] Policy Directions for 2026 - The Central Economic Work Conference emphasized optimizing the implementation of the "two new" policies, focusing on long-term cultivation rather than short-term stimulation [3][4] - Future support will shift towards new productive forces, including low-altitude economy sectors like aircraft manufacturing and airspace management systems [3] Rural and County Consumption - Rural retail sales grew by 4.4% year-on-year, outpacing urban growth of 3.9%, indicating significant potential in rural markets [8] - The recent notification from the Ministry of Commerce highlights the importance of expanding county-level consumption and upgrading rural consumption [9] Financial Support for Consumption - The notification outlines increased financial support for consumer goods and services, including personal consumption loans and innovative financial products [9][10] - Emphasis is placed on enhancing collaboration between financial institutions and local departments to effectively implement these measures [10]

Core Viewpoint - The recent notice issued by the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Administration emphasizes the need to strengthen the collaboration between commerce and finance to boost consumption, particularly in rural areas and county-level markets [1] Group 1: Expansion of County Consumption - The notice highlights the importance of expanding county-level consumption and mentions the provision of credit support for activities related to "New Big Markets, New Services, and New Consumption" [1] - This marks the first time that measures aimed at boosting consumption specifically mention the expansion of county consumption [1] Group 2: Upgrading Rural Consumption - The initiative aims to upgrade rural consumption and promote the sales of agricultural specialty products [1] - Financial services will be tailored to support rural revitalization initiatives, including services for agricultural product sales conferences [1] Group 3: Consumption Data Insights - According to the National Bureau of Statistics, the retail sales of consumer goods in rural areas are projected to reach 6.67 trillion yuan in 2024, reflecting a year-on-year growth of 4.3% [1] - The growth rate in rural consumption is higher than that of urban areas, indicating significant consumption potential in the vast rural regions [1]