China's Central Economic Work Conference has charted a bold course for 2025, spotlighting the enhancement of consumption as a pivotal strategy for economic stability and growth. This focus comes at a time when the global economy faces sluggish growth, rising trade protectionism, and uncertainties in exports, challenging the traditional investment-driven growth model.
By prioritizing consumption, China aims to leverage its vast population base to foster autonomous and resilient economic expansion. The shift emphasizes tapping into the immense domestic demand, which serves as a buffer against external economic fluctuations.
Over recent decades, China's consumer market has evolved dramatically, transitioning from basic subsistence spending to a more diversified and personalized consumption landscape. Emerging sectors like service consumption and cultural tourism have flourished, driving significant revenue and invigorating related industries such as transportation, catering, and hospitality.
Technological advancements have further revolutionized consumption patterns. The surge in online shopping and mobile payments, highlighted by the explosive growth during the annual \"Double Eleven\" online shopping festival, underscores the dynamic and resilient nature of China's consumer market. These innovations have not only expanded consumption channels but also unlocked new potential, ensuring sustained economic vitality.
As China gears up for 2025, the strategic emphasis on boosting consumption is set to underpin the nation's journey towards sustained and healthy economic development, navigating both domestic transformations and global economic challenges.
Reference(s):
Boosting demand & consumption: Key tasks of China's economy in 2025
cgtn.com
