www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Global EditionASIA 中文雙語Fran?ais
China
Home / China / National affairs

Household spending key to strong growth

By WANG KEJU | China Daily | Updated: 2025-02-19 09:01
Share
Share - WeChat

As China navigates a decline in the property market and rising global economic uncertainties, consumption is poised to assume an even more crucial role in driving the country's economic growth this year, analysts said.

Policymakers should direct efforts toward introducing consumption-boosting fiscal and monetary policies to better catalyze consumer spending, they said, stressing that boosting residents' income is the essential recipe for stimulating robust and long-term growth.

"China's consumption market saw a stable start to the year," said He Yongqian, a spokeswoman for the Ministry of Commerce, at a news conference earlier this month.

Key retail and catering enterprises monitored by the ministry reported a 4.1 percent year-on-year increase in sales during the eight-day Spring Festival holiday that ended on Feb 4, while online retail sales grew by 5.8 percent compared to the same period last year, He said.

"China's consumption market has demonstrated remarkable resilience, significant potential and vibrant dynamism, with the fundamental upward trend intact," He said.

As the government rolls out new policies and initiatives to further boost consumer spending, the overall consumption market is poised to continue its steady expansion in the first quarter, He added.

In particular, China's current consumption levels are relatively lower than the global average, presenting a significant opportunity for further growth, analysts said.

According to analyses conducted using World Bank data, the average consumption rate among 10 major economies, accounting for 63 percent of global GDP collectively, stood at 73.22 percent, when their per capita GDP fell within the range of $10,000 to $15,000, said Sheng Songcheng, professor at China Europe International Business School.

China's per capita GDP reached $13,000 in 2023, and its current consumption rate stands at only 55.6 percent, indicating the vast potential for China to further boost its domestic consumption and capitalize on this untapped source of economic growth, Sheng added.

In recent years, the pace of income growth for Chinese residents has slowed, while the leverage ratio of the household sector has continued to rise, both of which have dampened personal and household consumption willingness and capacity, Sheng said.

Luo Zhiheng, chief economist at Yuekai Securities, said rebalancing the distribution of national income in favor of households, especially those in the middle and lower-income brackets, is a critical step in unlocking the full potential of consumption as a driver of China's economic development.

Key measures include perfecting the tax system, increasing transfer payments and accelerating the market-oriented circulation of rural land, all aimed at raising the share of national income for residents, particularly middle and low-income groups, Luo said.

Governments at all levels should enhance fiscal and monetary support, which will be crucial in providing the necessary impetus for Chinese consumers to confidently engage in spending activities, thereby fueling the engine of economic expansion, Luo said.

China should scale up fiscal funding in pushing forward the consumer goods trade-in initiative, and hand out consumption vouchers targeted at middle and low-income households, Luo said, adding that banks should actively develop the consumer finance sector to better serve both high-end and big-ticket consumption needs.

Liu Chenjie, chief economist at fund manager Upright Asset, said reducing the mortgage interest rate should be a priority for policymakers as they seek to stimulate consumption-driven economic growth in China.

The mortgage burden, which can account for 25 to 30 percent of a household's total expenditure, limits the resources available for other consumption activities, Liu said.

The total outstanding mortgage loans in China have reached around 40 trillion yuan ($5.49 trillion), and with an average interest rate of around 3.3 percent, the annual interest payment alone amounts to 1.32 trillion yuan, Liu said.

"If the mortgage interest rate were to be further reduced by just 1 percentage point, it would save households around 400 billion yuan in annual expenditure, effectively unlocking their consumption potential," Liu said.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
 
主站蜘蛛池模板: aaa在线| 57pao强力打造手机版 | 欧美黑人巨大最猛性xxxxx | 精品香蕉99久久久久网站 | 国产精品亚洲高清一区二区 | 国产成年人在线观看 | 免费人成在线 | 日本不卡免费高清视频 | 搞黄网站在线观看 | 新婚第一次一级毛片 | 国产午夜视频 | 国产精品三区四区 | 免费一级毛片在级播放 | 国产精品久久久久9999小说 | 日本人在线看片 | 在线免费看a | a级片免费 | 97精品国产手机 | 日韩精品一区二区三区中文字幕 | 国产日韩线路一线路二 | 欧美国产日本精品一区二区三区 | 免费观看情趣v视频网站 | 国产欧美日韩在线一区二区不卡 | 久久99视频精品 | 成人性色生活影片 | 欧美黄色精品 | 国产精品1页 | videosfree性欧美另类 | 波多野结衣一区在线 | 亚洲成a人片在线观看中文 亚洲成a人片在线观看中文!!! | 欧美黄网站免费观看 | 美女张开腿让男人捅爽 | 最新国产三级在线观看不卡 | 日本三级香港三级乳网址 | 欧美日韩成人午夜免费 | 国产成人午夜福在线观看 | 97在线免费 | 91成人国产 | 制服丝袜在线视频香蕉 | 欧美日韩一本 | 国产小视频在线高清播放 |