Economy

Consolidate the "main engine" of consumption with policy coherence

2026-03-06   

Develop and implement plans to increase the income of urban and rural residents; An extra long term special treasury bond of 250 billion yuan was arranged to support the exchange of old for new consumer goods; Establishing a special fund of 100 billion yuan for fiscal and financial coordination to promote domestic demand... This year's government work report highlights the implementation of the "special action to boost consumption" with "real money and silver", proposing to stimulate residents' endogenous consumption power and promote consumption policies from 11 aspects to promote sustained consumption growth. In 2025, China will implement a special action to boost consumption, steadily expanding the size of the consumer market. The total retail sales of consumer goods will exceed 50 trillion yuan for the first time, and consumption will contribute 52% to economic growth. Experts say that during this year's National People's Congress and Chinese People's Political Consultative Conference, the government work report and the press conference of the National People's Congress conveyed a clear signal: to deepen the implementation of the special action to boost consumption, it is necessary to maintain strategic determination and upgrade in policy coherence. Boosting consumption is not only related to consumption itself, but also to the transformation of our economic development model, which means that boosting consumption should not be a short-term thinking. ”In the view of Huang Qunhui, a member of the National Committee of the Chinese People's Political Consultative Conference and a researcher at the Institute of Economics of the Chinese Academy of Social Sciences, the goal of boosting residents' consumption rate can be taken as the driving force, and special actions to boost consumption can be implemented in depth. Looking at the means, the toolbox of policies to boost consumption continues to expand. In 2025, the expanded old for new policy will benefit 366 million people. In 2026, 250 billion yuan of ultra long term special treasury bond will continue to support the old for new policy. At the same time, 100 billion yuan of special funds will be set up for fiscal and financial coordination to promote domestic demand. The "portfolio power" reflects the leap of policy from scale expansion to efficiency improvement. From the perspective of ideology, policies promote the deepening of consumption from short-term stimulus to sustainable growth. The 2025 government work report emphasizes "promoting income growth through multiple channels", while in 2026, it specifies "formulating and implementing plans to increase income for urban and rural residents" and includes "increasing residents' property income" in the task list. The focus of policies is shifting from material security that enables consumption to institutional support that encourages consumption and the creation of a systematic environment that encourages willingness to consume. Looking at the business format, consumption has expanded from "commodity consumption" to "service consumption". In 2025, new business models such as digital consumption, green consumption, and health consumption will flourish; This year's government work report proposes to implement the action of improving service consumption quality and benefiting the people. From physical goods to service experience, the consumption supply structure guided by policies continues to optimize, making consumption scenarios more diverse and consumer convenience more accessible. As Lou Qinjian, spokesperson for the press conference of the Fourth Session of the 14th National People's Congress, said, "Let the people be able to consume, dare to consume, and willing to consume

Edit:hechuanning Responsible editor:susuiyue

Source:People's Daily Online

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