Xinhua News Agency, Shanghai, November 5th Topic: Focus on new trends and meet new demands-Chinese and foreign guests at the CIIE talk about accelerating consumption improvement and upgrading
Xinhua News Agency reporters Liu Hongxia and Zhou Rui
Consumption is an important engine driving economic growth and an important support for meeting people’s needs for a better life. Under the new development pattern, how to grasp the new trend of consumption development while expanding domestic demand? How to cultivate new consumption growth points? Representatives of political, business and academic circles gathered at the 4th China International Import Expo on the 5th to have a lively exchange at the Hongqiao International Economic Forum.
Wang Shouwen, Vice Minister of Commerce and Deputy Representative of International Trade Negotiations, said at the “New Consumption Trends under the Dual-Circular New Development Pattern” sub-forum held on the same day that my country’s total retail sales of consumer goods will increase from 20.6 trillion yuan in 2012 to 20.6 trillion yuan in 2020. 39.2 trillion yuan, nearly doubling in eight years, becoming the world‘s second largest consumer market.
“It can be said that consumption not only provides strong support for China’s economic growth, but also provides a strong impetus for the recovery of the world economy.” He said that since the beginning of this year, in the face of the impact of the new crown pneumonia epidemic, my country’s consumption has achieved recovery growth. The total amount increased by 16.4% year-on-year, and the contribution rate of consumption to economic growth reached 64.8%, which is still the main driving force for economic development.
“Consumption as the ultimate demand is the ultimate goal and motivation of production, and it is also a direct manifestation of the people’s needs for a better life.” said Zong Ming, the deputy mayor of Shanghai. Build a well-known consumer business district, innovative and colorful consumption models, create a consumer environment near and far away, and strive to be the first to basically build an international consumer center city with global influence, competitiveness and reputation by the end of the “14th Five-Year Plan” .
Wang Wei, director of the Market Economy Research Institute of the Development Research Center of the State Council, believes that many new consumptions that are different from the past are emerging in my country, which have become a driving force for smoothing the national economic cycle. “New consumption promotes new supplies, and promotes the development of new industries, so as to achieve growth in investment and production.”
In the view of Yang Jirui, President of the Chinese Society of Consumer Economics, whether it is a large domestic cycle or a dual domestic and international cycle, consumption is the backbone and the “load-bearing wall.” At the same time, consumption can provide guidance for supply-side structural reforms, and “plays a very important information guiding role for our industrial chain and supply chain.”
L’Oréal North Asia President and China CEO Fei Bori believes that many of L’Oréal’s inspirations come from China and go to the world. China’s new development pattern helps “bring the best things in the world to China. At the same time, China’s innovation is not only for itself, but also for the world.”
“The fundamentals of the healthy development of consumption in my country will not change, the general momentum of consumption improvement and upgrading will not change, and the long-term positive trend of consumption will not change.” Wang Shouwen said that China will unswervingly deepen reforms and expand opening up. Efficiently realize the interconnection of internal and external markets, share factor resources, and promote the steady recovery and sustainable development of consumption, which not only meets the growing needs of the Chinese people for a better life, but also injects more positive energy into the international community.