新务实主义消费

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消费新趋势藏着哪些机会?专访工银国际首席经济学家程实
21世纪经济报道· 2025-05-26 09:37
Economic Performance - In April, the industrial added value above designated size increased by 6.1% year-on-year, and retail sales of consumer goods reached 371.74 billion yuan, growing by 5.1% year-on-year [1][4] - Fixed asset investment (excluding rural households) for January to April was 1,470.24 billion yuan, with a year-on-year growth of 4.0% [1] Consumer Trends - The "new pragmatic" consumption trend emphasizes the dual demand for "quality-price ratio" and "supporting services," encouraging companies to integrate products and services deeply [1][11] - The shift in consumption patterns from "external display" to "internal entertainment" highlights the importance of service consumption in driving economic growth [1][9] Real Estate Market - The real estate market is currently in a bottoming phase, with short-term policies focusing on stabilizing demand while maintaining supply and basic needs in the long term [1][6] - Policies such as lowering mortgage rates and optimizing city-specific support measures are suggested to boost market confidence [1][5] Manufacturing Sector - The equipment manufacturing and high-tech manufacturing sectors achieved high growth rates of 9.8% and 10% respectively, indicating ongoing industrial structure optimization [1][4] - Encouragement for companies to expand into high value-added and high-quality end products is emphasized [1][5] Foreign Trade - In April, exports increased by 9.3% year-on-year, with a notable shift of enterprises towards domestic sales, indicating a diversification of market strategies [1][14] - Future foreign trade focus should include enhancing resilience in supply chains and exploring new markets through regional cooperation like RCEP and the Belt and Road Initiative [1][16]