China National Radio, Beijing, December 1st message (reporter Tang Yiliang) - According to the national news broadcast of China's Voice at 18:42, the Ministry of Commerce announced today (December 1st) that the work of promoting circulation and expanding consumption is actively advancing. The role of driving economic growth is evident, and the contribution of consumption among the three engines of growth has further increased. It is expected that China's retail sales will grow by about 15.6% this year.
At today's press conference, Wang Binnan, Director of the Market Operation Adjustment Department of the Ministry of Commerce, said that since the beginning of this year, the rural distribution network has been further improved, the promotion of home appliances in rural areas and the replacement of old items with new ones have accelerated, urban community services have developed rapidly, market regulation capabilities have continued to increase, and the business environment for enterprises has gradually improved, pushing the unprecedented increase in consumption. The contribution of consumption among the three engines of growth is obvious. Based on the current good development momentum of the consumer market, the Ministry of Commerce expects that China's retail sales will grow by about 15.6% this year.
Wang Binnan said that in the first three quarters, China's GDP grew by 7.7% year-on-year, of which consumption contributed 4 percentage points, an increase of 0.2 percentage points over the previous year. From January to October, the total retail sales of consumer goods nationwide reached 10 trillion yuan, growing by 15.3% year-on-year, with the actual growth rate reaching a historical high of 17.2%. It is expected that the total retail sales of consumer goods for the whole year will reach around 12 trillion yuan, growing by 15.6% year-on-year.
At the meeting, Chang Xiaocun, Director of the Market System Construction Department of the Ministry of Commerce, commented on the current trend of prices, stating that the rise in prices is not the main issue, as the Producer Price Index (PPI) remains relatively low. However, he pointed out that attention should be paid to the issue of residents' income under the condition of low prices. He indicated that if prices do not rise, farmers' income will be affected, which in turn will also affect consumption issues.
Regarding the policies to stimulate automobile consumption that everyone is concerned about, Director Chang said that there is still great potential for growth in automobile consumption in China, and there is room for adjustment in related policies. "Currently, China has 18 million 'yellow label vehicles' (vehicles whose exhaust emissions do not meet standards), which do not comply with environmental protection standards and will be phased out gradually. Therefore, the policy of replacing old cars with new ones plays a positive role in aspects such as environmental protection or industrial structure adjustment. Encouraging automobile consumption is also an important force in stimulating domestic demand, and relevant policies should be a long-term strategy."
Director Wang Binghua stated that next year, China’s work on promoting circulation and expanding consumption will continue to deepen based on this year’s achievements. They will continue to establish and improve four major systems: agricultural product circulation, industrial consumer goods circulation, production material wholesale, and service industry systems. "In terms of expanding consumption, we will expand rural consumption, increase urban consumption, promote generational consumption, such as continuing to improve the 'replacement of old with new' policy, promote credit consumption, standardize and promote online consumption, and focus on festival consumption. Additionally, we need to continue cultivating large-scale circulation enterprise groups, enhancing their market competitiveness, and leveraging their role in stabilizing and regulating the market."
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