Group 1: Importance of Improving Consumption Statistics - Improving consumption statistics is crucial for accurately observing the resident consumption rate and guiding policy direction[1] - Recent efforts have been made to enhance consumption statistics, including the release of service retail data in August 2023[1] - The government has initiated actions to improve comprehensive consumption statistics, aiming for a more targeted approach in stimulating consumption[1] Group 2: Comparison with Other Economies - Comparing consumption statistics between China and the U.S. reveals significant differences, with U.S. residents' per capita consumption approximately ten times that of China[1] - The U.S. enjoys a price advantage in consumer price index (CPI) compared to China's overall price levels, affecting consumption rates[2] - Service consumption in China is a major bottleneck, with only 46.1% of consumption expenditure allocated to services compared to 68.5% in the U.S.[20] Group 3: Statistical Methodology Challenges - China's statistical methods for financial services and insurance are inadequate, leading to underreported service consumption[22] - The narrow scope of service consumption statistics in China fails to capture the full value of public service subsidies, affecting data comparability[25] - The transition from depreciation cost method to market-based virtual rent method for housing services in 2023 aims to better reflect actual consumption value[26] Group 4: Risks and Considerations - There are risks associated with discrepancies between service consumption data and actual figures, potentially affecting policy effectiveness[31] - The progress of improving consumption statistics may not align with expectations, complicating efforts to enhance consumption rates[31] - Achieving higher consumption rates requires not only improved statistics but also policies that enhance consumer willingness and capacity[31]