1月19日上午 国家统计局召开 2025年全年国民经济运行情况新闻发布会 很多记者关心 消费运行态势 以及 消费是怎么统计的 一 从供给端看，包括社会消费品零售总额和服务零售额指标 从供给端也就是"卖方"角度看，消费的主要统计指标有两个。一个是社会消费品零售总额，侧重于反映实物商品的消费，包括商品零售额和餐饮收入，可 以反映国内消费品市场的总规模和地域分布，分析商贸流通状况。另一个是服务零售额，统计的是服务行业经营者为消费者提供的各种服务，反映交通出 行、教育培训、文体休闲、健康养老等服务消费市场的运行变化。这两个指标都是通过开展相关企业调查测算得到的。 随着人民生活水平提升，居民消费正从商品消费为主向商品和服务消费并重转变，服务消费潜力不断释放，服务零售占整体零售的比重提升。服务零售额 有效补充了社会消费品零售总额未覆盖的服务消费部分，使消费统计体系更加完善。 二 从需求端看，包括居民人均消费支出指标 从需求端也就是"买方"角度看，反映消费的统计指标有居民人均消费支出。居民人均消费支出统计的是居民用于满足家庭日常消费需要的全部支出，包括 食品烟酒、居住、交通通信、教育文化娱乐、医疗保健等八大类，通过住户抽样 ...

Core Insights - The core viewpoint of the article highlights the significant role of final consumption expenditure in driving economic growth in China, as evidenced by the latest statistics from the National Bureau of Statistics [1] Economic Contribution - In the first three quarters, final consumption expenditure contributed 53.5% to economic growth, driving GDP growth by 2.8 percentage points [1] - In the third quarter alone, final consumption expenditure's contribution rate increased to 56.6%, resulting in a GDP growth impact of 2.7 percentage points [1] - Consumer demand is identified as the primary engine for economic growth [1]

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]