Consumption: A New Engine To Activate Domestic Demand -- A New Signal From "Three Carriages"

Since the beginning of this year, China's economic growth has dropped slightly, but its consumption momentum is good.

In the first three quarters, the sales volume of 5000 key retail enterprises monitored by the Ministry of Commerce increased by 6.3% over the same period last year, and the contribution rate of final consumption to economic growth was about 7 percentage points higher than that of investment.

In the context of slowing investment growth and shifting export growth, the pulling effect of consumption on economic growth has been enhanced and the role of stabilizer in economic operation has been brought into play.

China is in the shifting period of economic growth. The core of growth is the pformation and continuity of growth momentum.

Under the "new normal" of China's economy, it is necessary to expand new thinking and stimulate new impetus.

In the driving force of steady growth, the largest consumption demand and the most direct relationship with people's livelihood are increasingly becoming the key force to stimulate demand.

However, we must not neglect that there are still many factors restricting the expansion and consumption of consumption. There is still room for further improvement in terms of consumption capacity, consumption intention, consumption environment and consumption supply. The "bonus" of consumption needs to be further released.

Director of Economics Department, National School of Administration

This is mainly reflected in the unreasonable income distribution system, which inhibits the increase of the consumption ability of the residents; the insufficient input of government public products has affected the consumption expectation of the residents; the social credit mechanism is not perfect, which restricts the improvement of the residents' consumption environment; market access.

Imperfection hinders the increase of effective consumption.

The executive session of the State Council, held in October 29th, deployed to promote consumption expansion and upgrading. It was proposed to increase revenue so that the masses could "consume", improve the social security system, let the masses "dare" to consume, improve the consumption environment, and let the masses "wish" to spend.

The conference also made clear 6 key areas to promote consumption, such as information consumption, green consumption, housing, tourism and leisure, education style, health care for the elderly and so on.

According to Ma Jun, chief economist of the people's Bank of China Research Bureau, from the international experience, consumer preferences will change from manufacturing products to service products after the per capita GDP exceeds US $7000.

Under this trend, education, IT, sports, culture, entertainment and other service industries will make considerable progress and become the driving force of the "new normal" of China's economy.

At present, our country

The new format is brew, and new consumer highlights are emerging.

On the one hand, information consumption has steadily increased.

According to the data released by the Ministry of industry and information, in the three quarter, the number of mobile broadband users reached 525 million, of which 43 million 57 thousand reached 4G users.

At the same time, e-commerce pactions active, the first three quarters of the paction size of more than 870 million, an increase of 23%.

At the same time, cultural tourism consumption continues to heat up.

According to the Ministry of commerce data, the national box office grew by 31% over the same period from 1 to August, and 14.7% of the 5000 key retail businesses increased by 6.1 percentage points compared with the same period.

According to the China Tourism Research Institute, domestic tourism revenue increased by 14.6% in 1-9 and outbound travel expenses increased by 17.3%.

In addition, the sales of new energy vehicles increased rapidly.

According to the automobile industry association statistics, passenger car sales growth dropped 3.8 percentage points from 1 to September this year, but with the introduction of the series of promotion and application policies, sales of new energy vehicles accelerated by quarter, sales in the first quarter, the two quarter and the three quarter increased by 1.6 times, 2.9 times and 3.8 times respectively.

From the network information consumption to the new energy vehicle, then to the old age service and the sports industry, the context of China's stable and expanding consumption is clearly visible.

Next, establishing a long-term mechanism for stable consumption growth is the top priority.

Qi Yunlan, an Associate Research Fellow of the Institute of market economy of the State Council Development Research Center, said that in terms of demand, we should promote the construction of new urbanization, enhance the consumption ability of urban and rural residents, and tap the potential of rural consumption. In terms of supply, we should strive to improve effective supply, cultivate consumption hotspots, optimize the consumption environment, and effectively enhance the endogenous driving force for the growth of the consumer goods market.