China is gearing up to significantly boost domestic consumption in 2025, following the Central Economic Work Conference held last week. Recognizing consumption as the primary driver of economic growth, the nation plans to expand domestic demand across all fronts.
In 2023, China’s final consumption expenditure contributed a remarkable 82.5% to the country’s overall GDP growth. Retail sales soared to a record high of 47.15 trillion yuan ($6.47 trillion), highlighting the vitality of consumer spending.
To maintain this momentum, China has been incentivizing consumer goods trade-ins, driving related product sales beyond 1 trillion yuan since the start of the year. The government intends to enhance these trade-in programs with greater intensity and broader scope in the coming year.
Additionally, China plans to create new consumption scenarios and launch a special campaign to stimulate spending. Efforts will focus on developing the debut economy—promoting new products and services—the ice and snow economy, capitalizing on winter sports and activities, and the silver economy, targeting goods and services for the aging population.
These initiatives aim to diversify consumption patterns and tap into various market segments, bolstering economic growth and meeting the evolving needs of consumers nationwide.
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Graphics：China's diverse consumption scenarios to tap domestic demand
cgtn.com
