国家统计局发言人表示，上半年最终消费支出对经济增长贡献率达到52%，比上年全年提升7.5个百分点。 ...

Consumption Insights - China's final consumption expenditure accounted for 56.6% of GDP in 2024, with household consumption at 70.6% and government consumption at 29.4%[9] - The nominal growth of final consumption expenditure in 2024 was only 3.9%, the second-lowest since 1995, while actual growth was 3.7%[26] - Government consumption expenditure growth was particularly weak, with a nominal increase of just 0.7% in 2024, compared to a 5.0% increase in household consumption[26] Economic Factors - The contribution of final consumption expenditure to GDP growth was 44.5% in 2024, down from over 50% in most years since 2011[25] - The decline in household consumption growth is attributed to slowing income growth, particularly in property and transfer income, which saw declines of 5.44% and 5.00% respectively[36] - The wealth effect has weakened due to a downturn in the real estate market, impacting consumer spending[46] Policy Recommendations - Short-term strategies to boost consumption include enhancing government fiscal capacity, increasing transfer income for residents, and improving the nominal growth environment[57] - Long-term strategies focus on reforming income distribution systems and promoting urbanization as key drivers for consumption growth[57] - Strengthening fiscal policy is essential, as local government leverage reached a historical high of 36.8% by early 2025, indicating a need for central government intervention[58] Consumer Sentiment - Consumer confidence remains low, with the consumer confidence index at 88% and the consumer expectation index at 89.5% as of May 2025, both below the neutral level of 100%[47] - The Engel coefficient for urban residents was 28.8% in 2024, indicating a rise in basic consumption needs relative to total consumption[49]

Core Viewpoint - The report highlights that domestic demand, particularly consumption, is the main driver of GDP growth in the first half of the year, with significant contributions from final consumption expenditure, capital formation, and net exports [1] Group 1: Economic Contributions - Final consumption expenditure contributed 52% to the economy, indicating its crucial role in driving growth [1] - Capital formation contributed 16.8% to economic growth, with a total contribution rate of 24.7% in the second quarter [1] - Net exports contributed 31.2% to the economy, with a contribution rate of 23% in the second quarter [1] Group 2: Quarterly Performance - In the second quarter, final consumption expenditure's contribution to GDP growth increased slightly to 52.3% compared to the first quarter [1] - The contribution of capital formation in the second quarter was noted at 24.7%, reflecting its importance in the overall economic structure [1] - The net export contribution in the second quarter was recorded at 23%, showcasing its ongoing relevance to economic performance [1]