Core Insights - The eighth China International Import Expo showcased the growing vitality and attractiveness of the Chinese market, emphasizing the need for a balance between economic strength and external responsibilities to become a core engine of global economic growth [1] Group 1: Market Size and Structure - The U.S. personal consumption expenditure is projected to reach approximately $19.8 trillion in 2024, making it the largest in the world; however, its high service consumption ratio, nearly 70%, particularly in healthcare and finance, poses burdens on the public [1] - A truly influential consumer market requires a synergistic development of goods and services to meet diverse consumer needs and reflect a balanced economic operation [1] Group 2: Openness and Global Integration - The U.S. has been a net importer, significantly impacting global supply chains; however, unilateral protectionist policies, such as increased tariffs, challenge global economic growth and deviate from the responsibilities of a major consumer market [2] - In contrast, China is expanding its openness, providing opportunities for global enterprises, with a cumulative import of consumer goods amounting to 7.4 trillion yuan from 2021 to 2024, and a projected inbound tourist spending of $94.2 billion in 2024, a 77.8% increase [2] Group 3: Innovation and Sustainability - Innovation is a key driver for maintaining market leadership, with China leading in digital consumption, projected online retail sales reaching 15.5 trillion yuan in 2024, and mobile payment transactions remaining globally dominant [3] - The "National Trend" phenomenon reflects cultural confidence, enhancing the local market's appeal and combining cultural self-assurance with commercial innovation [3] - The largest consumer market must guide sustainable consumption, promoting green and circular consumption models, as seen in China's trade-in policies that stimulate consumption while advancing environmental goals [3] Group 4: Future Market Dynamics - With a population exceeding 1.4 billion, China is poised to become the largest consumer market globally, but the competition will focus on development quality rather than just scale [4] - The largest consumer market must balance openness and protection, innovation and regulation, and growth and sustainability to ensure stable expectations for global consumers, enabling them to not only "buy" but also "buy well" [4]

11月10日，第八届中国国际进口博览会在上海落下帷幕。本届进博会参展企业数量再创历史新高，充分 彰显中国市场的蓬勃生机和吸引力。这场盛会也促使各方更加深入思考全球最大消费市场应有的蕴涵： 这个市场不仅要体现强大的经济实力，更应注重其内在结构与外部责任的平衡，进而成为全球经济增长 稳定的核心引擎。 巨大的市场力量也意味着重大的责任担当。全球最大消费市场需引导可持续消费，推动绿色、低碳、循 环的消费模式。例如，中国的以旧换新政策不仅刺激了消费，也推动了绿色智能产品的普及，促进了环 保理念的落实。同时，消费增长的成果应惠及更广泛人群，促进包容性增长。中国县域消费市场的快速 崛起，农村消费增速持续高于城镇，正是消费包容性增长的体现。此外，市场还需在规范竞争、保护消 费者权益方面发挥标杆作用，确保增长的质量与公平。 全球消费市场的图景仍在动态演变中。中国凭借超14亿人口的广阔内需基础，沉稳而坚定的发展步调， 不久之后有望在总规模上成为全球最大消费市场。更要看到，规模的超越仅是表象，更深层次的竞争在 于发展质量。全球最大消费市场需在开放与保护、创新与规范、增长与可持续之间找到平衡，能够让全 球消费者对该市场有稳定预期，让 ...

6 4 1 近日，长城证券首席经济学家汪毅在"上证·首席讲坛"发表演讲并接受上海证券报记者专访。关于提振 消费市场，汪毅表示，可通过优化收入再分配机制、完善社会保障体系、稳定房地产市场与资本市场等 方式，提升居民收入水平，从而激发消费潜力。 多维发力促消费长效增长 今年以来，"以旧换新"政策力度更大、补贴范围更广，成效显著。 国家统计局数据显示，今年一季度社会消费品零售总额12.47万亿元，同比增长4.6%，比2024年全年加 快1.1个百分点。在"以旧换新"政策推动下，绿色智能产品销售快速增长。商品零售额同比增长4.6%， 增速比2024年全年加快1.4个百分点。限额以上单位商品零售额增长5.8%，增速比2024年全年加快3.1个 百分点，其中通讯器材、文化办公用品、家电、家具零售额同比分别增长26.9%、21.7%、19.3%和 18.1%。 此外，今年一季度乘用车零售量同比增长5.8%，其中新能源乘用车零售量增长36.4%，渗透率达 47.2%。3月，部分重点监测企业智能家居产品销售额同比增长超10%。 汪毅 ◎记者 高志刚 稳楼市还有不少"招数" "当然，更为关键的是居民财产性收入，这主要涉及资本市场 ...