Unlocking Consumer Revolution Trends and Accelerating the Development of a Complete Domestic Market System
Special Commentator, Rulu Ming
The 20th National Congress of the Communist Party of China decided to "accelerate the development of a complete domestic market system" and "improve the long-term mechanism for expanding domestic demand." This is an important strategic move to implement the policy of expanding domestic demand and building a new development pattern, as well as fully releasing domestic market potential.
Five Trends of Consumer Revolution
With China's economy transitioning from high-speed growth to high-quality development, innovative, coordinated, green, open, and shared concepts have become the driving force behind consumer revolution. These concepts have led to the formation of several promising consumption trends:
1. Innovation-driven consumption. Innovation is the first driver of high-quality development. In recent years, new technologies such as artificial intelligence, big data, and the Internet of Things have provided a vast array of consumer products, expanding the scope of consumption development. Personalized customization, intelligent services, and smart shopping experiences have become important directions for consumers.
2. Coordination-driven consumption. Coordinated development is an inherent characteristic of high-quality development, mainly reflected in urban-rural coordination and regional coordination. In recent years, China's urban-rural consumer markets have shown a tendency towards common growth, but there are still unbalanced developments. This means that there is potential for coordinated consumption to be unleashed.
3. Green-driven consumption. Green development is the foundation of high-quality development. Green-driven consumption refers to innovative lifestyles and living habits that bring about new forms of consumption, combining high-quality development with high-level environmental protection. In recent years, green products have become increasingly popular, and low-carbon, zero-carbon lifestyles have become fashionable.
4. Open-driven consumption. Open development is the driving force behind high-quality development and a major engine for consumer revolution. In recent years, China's import of quality products has continued to expand under favorable policies. Importing high-quality products not only improves consumer welfare but also drives domestic production upgrades and brand innovation, promoting trade, cultural, and spiritual exchanges between countries.
5. Shared-driven consumption. Sharing is the fundamental purpose of high-quality development. In recent years, shared-driven consumption has continued to grow, with online food delivery, ride-hailing, community group buying, and car-sharing platforms becoming new forces in consumer markets.
Unlocking Consumer Revolution Potential
At present, China's economy faces the challenges of demand contraction, supply shocks, and weakened expectations. These problems are caused by high investment rates and low final consumption rates in the long term. As a result, it is necessary to actively expand domestic demand and form a new development pattern with domestic big loop as the mainstay and international big loop promoting each other.
Developing a Complete Domestic Market System
To accelerate the development of a complete domestic market system, it is necessary to promote consumer-driven growth. This requires forming a virtuous cycle between consumption and investment.
Consumption is the ultimate purpose and driving force behind social production. Increasing consumption will stimulate enterprises to expand investments. Investment growth will lead to increased production capacity, providing products that meet residents' consumption needs and promoting employment growth and wage increases, thereby improving residents' consumption capabilities and willingness to consume.
Consumption and investment are interdependent relationships. Whether this relationship can form a virtuous cycle depends on whether consumer potential is fully unleashed, leading to the interaction and dynamic balance between consumption and investment.
Developing Open-type Consumption
To develop open-type consumption, it is necessary to promote urban-rural coordination and regional coordination, optimize the institutional system, and improve social services. This will unlock the potential of residents' differentiated quality consumption in cities and towns.
Key Measures
1. Promote technological empowerment for consumption. Seize opportunities to upgrade traditional industries with new technologies, promote the application of new facilities and equipment, and improve the automation and convenience levels of consumption experiences.
2. Develop coordinated-type consumption. Build international consumer centers in cities, national cultural and tourism consumer demonstration cities, regional consumer centers, and local characteristic consumer towns. Optimize institutional systems and social services to unlock residents' differentiated quality consumption potential.
3. Promote green consumption. Encourage residents to adopt simple, healthy, and environmentally friendly lifestyles, promote the application of green products at home, and establish a green product public service platform to increase consumer awareness and enhance the popularity of green products.
4. Develop open-type consumption. Utilize international exhibitions such as the Import Expo and Consumer Goods Expo to showcase high-end and innovative products from around the world, expand import channels, and promote trade, cultural, and spiritual exchanges between countries.
5. Balance development of shared-driven consumption. Promote platform innovation driven by quality upgrading, enhance user experience through precise management, and establish a reputation evaluation mechanism for suppliers to prevent fake products and ensure the stability and reliability of shared consumption platforms.