Xi Jinping presided over the fourth meeting of the Central Financial and Economic Commission and emphasized the need to promote a new round of large-scale equipment updates and trade-in of consumer goods to effectively reduce logistics costs for the whole society. The meeting, held on February 23 in Beijing, was attended by high-ranking officials including Li Qiang, Cai Qiding, and Xue Xiang.
During the meeting, Xi Jinping highlighted the importance of accelerating product upgrading to promote high-quality development. He encouraged and guided the replacement of old consumer goods with new ones, as well as the updating of large-scale equipment. Logistics was emphasized as a crucial component of the real economy, connecting production and consumption, domestic and foreign trade. It was stressed that reducing logistics costs is essential to enhance industry competitiveness and improve economic efficiency.
Reports were presented at the meeting regarding large-scale equipment updates, trade-in of consumer goods, and efforts to reduce logistics costs. The implementation of these initiatives is expected to drive investment and consumption, leading to both short-term and long-term benefits. A policy mix will be implemented to increase the proportion of advanced production capacity, improve the quality of durable consumer goods, and enhance the national economic cycle.
The meeting also focused on promoting the technological transformation of production and service equipment, encouraging the trade-in of traditional consumer goods, and establishing a “replacement + recycling” logistics system. Cooperation between the central government and local authorities will be emphasized to support consumers throughout the entire chain.
In addition, efforts to reduce the logistics cost of the whole society were deemed crucial for improving economic efficiency. Measures will be taken to adjust the transportation structure, reduce transportation and warehousing costs, and optimize the logistics market. This includes promoting the development of new logistics models incorporating platform economy, autonomous driving, and other innovative technologies.
Members of the Central Financial and Economic Commission, along with representatives from relevant central and state departments, attended the meeting to discuss and address these important economic issues.