2025.12.16 消费正在成为中国经济提质增效的牛鼻子。 近日商务部、央行、金融监管总局三部门共同发布《关于加强商务和金融协同 更大力度提振消费的通 知》，鼓励商务主管部门充分利用现有资金渠道，积极开展促消费活动，与金融支持形成合力，更好激 发消费潜力。 刚刚结束的中央经济工作会议，将提振消费、扩大内需作为明年经济工作的八大重要任务之首。将消费 放在经济提质增效的关键位置，这也是改革开放以来中国经济砥砺前行中博弈出来的实践智慧，浓缩着 决策体系对经济工作形成的新认识和体会：消费是经济社会发展的推动力，历经四十多年的跨越式发 展，不断满足奋斗者对美好生活的追求，是经济发展最美的本源。 第二个百年奋斗目标，不仅装着国强的宏大叙事，也漫溢着民富的经济烟火，这些是经济社会发展最朴 实的面貌。 提振消费，促进政策提质增效，需要一个全新的认知和思路转换，告别刺激的老路。投资出口型增长模 式的内生结构相对简单，只要瞄准先进目标，千方百计增加资本积累，创造条件满足生产制造需要的各 要素就可以，这种千线穿一针的任务虽艰巨，但目标明确、条件确定和客观。 消费型驱动模式的内生结构则复杂得多，其目标和条件充斥着复杂的主观概率。消 ...

2025.12. 16 本文字数：1633，阅读时长大约3分钟 作者 | 一财评论员 消费正在成为中国经济提质增效的牛鼻子。 近日商务部、央行、金融监管总局三部门共同发布《关于加强商务和金融协同 更大力度提振消费的 通知》，鼓励商务主管部门充分利用现有资金渠道，积极开展促消费活动，与金融支持形成合力，更 好激发消费潜力。 刚刚结束的中央经济工作会议，将提振消费、扩大内需作为明年经济工作的八大重要任务之首。将消 费放在经济提质增效的关键位置，这也是改革开放以来中国经济砥砺前行中博弈出来的实践智慧，浓 缩着决策体系对经济工作形成的新认识和体会：消费是经济社会发展的推动力，历经四十多年的跨越 式发展，不断满足奋斗者对美好生活的追求，是经济发展最美的本源。 第二个百年奋斗目标，不仅装着国强的宏大叙事，也漫溢着民富的经济烟火，这些是经济社会发展最 朴实的面貌。 提振消费，促进政策提质增效，需要一个全新的认知和思路转换，告别刺激的老路。投资出口型增长 模式的内生结构相对简单，只要瞄准先进目标，千方百计增加资本积累，创造条件满足生产制造需要 的各要素就可以，这种千线穿一针的任务虽艰巨，但目标明确、条件确定和客观。 消费型驱 ...

"制定实施城乡居民增收计划"，抓住了能消费的核心要义。 提振消费，促进政策提质增效，需要一个全新的认知和思路转换，告别刺激的老路。投资出口型增长模 式的内生结构相对简单，只要瞄准先进目标，千方百计增加资本积累，创造条件满足生产制造需要的各 要素就可以，这种千线穿一针的任务虽艰巨，但目标明确、条件确定和客观。 消费型驱动模式的内生结构则复杂得多，其目标和条件充斥着复杂的主观概率。消费需多维度、多向量 的匹配，不仅要有创新供给体系，更需个体偏好的多元化表达机制，还需市场偏好的信息搜集能力和供 需匹配机制，以及供需的趋势互动能力。 提振消费的政策要真正提质增效，关键要念好能消费、敢消费和愿消费这"三字经"，着力打造消费友好 型制度场景，让消费成为一种享受，而非任务和目标。 能消费，度量的是市场的有效购买力，反映的是需求而非需要。当前有效需求不足，背后的深层原因是 储蓄和消费的平衡度问题。改革开放以来，起步于短缺经济的中国对积累有着近乎炽热的追求，在国民 收入中，更多资源投入到资本形成，消费满足历经长期压抑，导致内需不稳和有效需求不足。 因此，念好能消费这个"三字经"，没有捷径，核心就是提高人们的收入。中央经济工作会 ...

Core Viewpoint - The overall development of China's consumer market is stable, with a notable increase in retail sales and a persistent high savings rate among residents, indicating a need to address systemic barriers to consumption [1][2]. Group 1: Consumer Market Performance - In July, the total retail sales of consumer goods reached 3.88 trillion yuan, a year-on-year increase of 3.7%, which is 1 percentage point higher than the same period last year [1]. - From January to July, the total retail sales of consumer goods amounted to 28.42 trillion yuan, with a year-on-year growth of 4.8% [1]. - The service retail sector saw a year-on-year growth of 5.2%, while the combined retail of goods and services grew by approximately 5% [1]. Group 2: Savings and Consumption Dynamics - As of mid-2025, household deposits increased by 10.77 trillion yuan to 162.02 trillion yuan, with a growth rate of 7.42% [2]. - The growth rate of total retail sales of consumer goods during the same period was 5%, with final consumption expenditure contributing less than 60% to GDP growth [2]. - The "high savings - low consumption" phenomenon highlights the need to activate the internal demand engine, particularly addressing the "ease of consumption" issues [2]. Group 3: Enhancing Purchasing Power - Five measures are proposed to enhance residents' purchasing power, including reforming income distribution, stabilizing social expectations, ensuring timely income for key groups, improving enterprise cash flow, and stabilizing property income expectations [4][5]. - Emphasis is placed on increasing labor remuneration and improving the social safety net to alleviate future spending concerns in education, healthcare, and housing [4]. Group 4: Strengthening Consumer Confidence - Building a safety net for consumer confidence involves enhancing basic livelihood protections and consumer rights [6][7]. - Specific measures include optimizing fiscal expenditure for education, healthcare, and elderly care, as well as improving consumer rights protection mechanisms to address issues like personal information leakage and false advertising [6][7]. Group 5: Improving Consumption Environment - The "ease of consumption" aspect requires comprehensive measures to enhance the institutional environment, consumption scenarios, and supply quality [8][9]. - Recommendations include deepening institutional openness, optimizing cross-border consumption, and improving service sector regulations to eliminate regional barriers [8][9]. Group 6: Long-term Mechanisms for Consumption Monitoring - Establishing a "consumption facilitation index" monitoring system is suggested to evaluate the consumption environment across various dimensions [10]. - Continuous policy assessment and feedback mechanisms are essential for identifying and addressing common consumption barriers [10]. Group 7: Systematic Policy Implementation - The focus should be on systematically identifying and addressing key barriers affecting "ability to consume," "willingness to consume," and "ease of consumption" [11]. - Future efforts should aim to eliminate institutional factors that hinder fairness, fill gaps in high-quality goods and services, and strengthen protections in critical livelihood areas [11].

Core Insights - The overall trend of China's consumption market is stable, with a retail sales total of 3.88 trillion yuan in July, a year-on-year growth of 3.7%, which is 1 percentage point higher than the same period last year [2] - The phenomenon of high savings and low consumption reflects that the internal demand engine has not been fully activated, highlighting issues in the "can consume," "dare to consume," and "easy to consume" dimensions [3][4] - The need for systematic identification and resolution of key bottlenecks to effectively stimulate domestic demand through institutional reforms and the establishment of a fair and smooth long-term mechanism [10] Consumption Market Performance - In the first seven months, the total retail sales of consumer goods reached 28.42 trillion yuan, with a year-on-year growth of 4.8% [2] - The retail sales of services grew by 5.2%, while the combined retail of goods and services increased by approximately 5% [2] High Savings and Low Consumption - By mid-2025, household deposits increased by 10.77 trillion yuan to 162.02 trillion yuan, with a growth rate of 7.42%, while the retail sales growth rate was only 5% [3] - The contribution of final consumption expenditure to GDP growth remains below 60%, indicating a significant gap between savings and consumption [3] Key Mechanisms for Stimulating Consumption - The framework of "can consume, dare to consume, easy to consume" is essential for activating internal demand [3] - "Can consume" relates to material basis and actual purchasing power, "dare to consume" pertains to psychological safety and future expectations, and "easy to consume" involves the efficiency of converting willingness into actual behavior [3][4] Recommendations for Enhancing Purchasing Power - Deepening income distribution reform to increase labor remuneration and strengthen the role of taxes and social security in income redistribution [4] - Stabilizing social expectations and reducing precautionary savings through improved macro policy stability and social security systems [4] - Ensuring timely and adequate income for key groups, particularly migrant workers, through various measures [5] Enhancing Consumer Confidence - Increasing investment in public welfare to alleviate burdens in education, healthcare, and elderly care [6] - Strengthening consumer rights protection to address concerns over privacy breaches and misleading advertising [7] Improving Consumption Environment - Promoting institutional openness and facilitating cross-border consumption [8] - Enhancing service quality and creating friendly consumption scenarios through policy guidance and support for new business models [9] Long-term Mechanisms for Consumption Monitoring - Establishing a "consumption facilitation index" to evaluate the consumption environment and continuously optimize policies [9] - Implementing a systematic approach to identify and address common consumption bottlenecks [10]