Recently, with the conclusion of the National Two Sessions, boosting consumption has become a focal topic of great attention across society. Against the backdrop of a complex and changing global economy and multiple challenges faced by the domestic economy, consumption, as an important engine of economic growth, is increasingly demonstrating its role in stabilizing growth. Various sectors are focusing on how to effectively stimulate consumption to invigorate market vitality and promote smooth economic circulation.
The General Office of the Central Committee and the General Office of the State Council recently issued the "Special Action Plan to Boost Consumption," aiming to further unleash consumption potential and promote stable economic growth through a series of measures. This plan encompasses eight major directions with a total of 30 measures, including increasing support for childbirth and childcare, researching the establishment of a childcare subsidy system, widening channels for property income, promoting reasonable growth in wage income, and enhancing support for the exchange of old consumption goods for new.
On March 17, the State Council Information Office held a press conference on boosting consumption, where relevant department officials introduced a series of policies and measures to promote consumption and the progress made. They emphasized the importance and urgency of boosting consumption in the current economic situation, laying the groundwork for further promoting consumption growth.
Regarding this plan, Yu Fenghui, a new finance expert from Top100HKLCRC, commented that the plan stands out for its innovation and breakthroughs, particularly in its comprehensive optimization of the consumer environment and emphasis on emerging consumption sectors. Unlike previous plans that focused more on traditional consumption stimulation methods, this plan particularly highlights the importance of enhancing consumer rights protection and improving consumer infrastructure.
Yu Fenghui pointed out that the support measures for new consumption models such as green consumption and smart products proposed in the plan, especially the trend of explosive growth in consumption of AI products among young people, have hit the critical points of the consumption market. This not only helps to uncover new consumption growth points but also reflects policymakers' profound understanding of the trend of consumption upgrading.
Additionally, Yu Fenghui emphasized that the announcement of the special action plan to enhance consumption will further improve the consumer environment and strengthen consumer confidence through a series of specific measures, including improving market orders, strengthening product regulation, and optimizing after-sales services. At the same time, the plan's increased support for new types of consumption formats will provide consumers with more diverse choices to meet different levels of demand, particularly the consumption needs of young people.
Overall, Yu Fenghui believes that this plan aims to create a safer, healthier, and more comfortable consumer environment, thereby stimulating consumers' desire to consume and playing an important role in promoting stable economic growth.
(Guest: Yu Fenghui | Reporter: Laura Cheung, Jerry Wang | Editor: Yi Wang | Translator: Kato Ip)
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