At the Annual Meeting of the New Champions 2025 in Tianjin, a panel led by CGTN's Tian Wei explored the real effects of recent policy measures in the Chinese mainland designed to promote consumption and boost growth. The session "China's Economy: Analysed," co-produced by CGTN and the World Economic Forum, brought together economists, business leaders and policy experts.
Experts highlighted three key strategies driving the consumption revival: targeted consumption vouchers, extended tax incentives and digital retail upgrades. Consumption vouchers, aimed at lower- and middle-income households, have spurred spending in sectors like dining, travel and entertainment. Extended tax cuts on big-ticket items—such as automobiles and home appliances—are encouraging large purchases, while partnerships between retailers and e-commerce platforms are streamlining the shopping experience.
Data-driven insights reveal a positive shift in consumer sentiment. Official figures show year-on-year retail sales growth approaching pre-pandemic peaks, and consumer confidence indexes climbing to levels that signal renewed optimism. Panelists cautioned that global headwinds—like supply chain pressures and inflation—could temper growth, but consensus was that the policy mix lays a strong foundation for sustainable expansion.
"We're seeing a more confident consumer base, especially among younger urban residents," said one expert, noting that digital-savvy shoppers are leveraging livestreaming and social commerce to make more informed choices. Another panelist pointed to rising demand in second- and third-tier cities, where rural revitalization efforts are unlocking new markets.
As the Chinese mainland navigates its next growth phase, the interplay between policy support and consumer behavior will be critical. Observers will be watching retail data, mobility trends and digital engagement metrics to gauge momentum in the months ahead.
Reference(s):
cgtn.com
