On November 27, a State Council policy briefing was held in Beijing, where Xie Yuansheng, Vice Minister of Industry and Information Technology, and relevant officials from the National Development and Reform Commission, the Ministry of Commerce, the Ministry of Culture and Tourism, and the State Administration for Market Regulation introduced relevant policies and measures to enhance the matching of supply and demand of consumer goods and further promote consumption.
Recently, the Ministry of Industry and Information Technology, together with five other departments, jointly issued the "Implementation Plan on Enhancing the Matching of Supply and Demand for Consumer Goods and Further Promoting Consumption." The plan proposes two main development goals: by 2027, to establish three trillion-yuan-level consumption sectors and ten hundred-billion-yuan-level consumption hotspots; and by 2030, to basically establish a high-quality development pattern of virtuous interaction and mutual promotion between supply and consumption, with consumption's contribution to economic growth gradually increasing.
What are the three trillion-yuan-level and ten hundred-billion-yuan-level consumption hotspots proposed in the target?
At the briefing, Xie Yuansheng stated that the "three trillion-yuan-level and ten hundred-billion-yuan-level consumption hotspots" are key areas for future development and expansion, based on a comprehensive assessment of consumption trends, industrial foundations, and technological changes. These trillion-yuan-level consumption areas include products for the elderly, intelligent connected vehicles, and consumer electronics. Taking products for the elderly as an example, against the backdrop of my country's increasingly aging population, the market size has grown from 2.6 trillion yuan in 2014 to 5.4 trillion yuan in 2024, with a compound annual growth rate of 7.3%, becoming a crucial pillar of the silver economy.
Consumer hotspots worth hundreds of billions of yuan include baby and children's products, smart wearables, cosmetics, fitness equipment, outdoor products, pet food and supplies, civilian drones, trendy toys, jewelry, and domestic fashion apparel. These sectors have demonstrated strong growth momentum and enormous development potential, giving the consumer market important characteristics such as diversification and vitality. For example, with the rise of healthy living and the concept of fitness for all, the demand for outdoor products and fitness equipment is even stronger. The IP economy (that is, the economy created by utilizing intellectual property rights) aligns with the consumption preferences of young people, and various trendy toys are rapidly becoming popular worldwide.
"It is foreseeable that the diversified and tiered development of consumption hotspots will significantly enhance the resilience and vitality of the domestic consumer market, providing solid support for building a new development pattern," he said.
