“The GDP growth rate is expected to be 6.7% in 2018, GDP growth rate is 6.6% in 2019, and GDP growth rate will be 6.5% by 2020. It seems that by 2020, the two strategic goals of doubling will be just around the corner.†China Xu Hongcai, deputy chief economist of the International Economic Exchange Center, said in an interview with the Securities Daily that by 2020 China will form a middle-income group with a population of 600 million, which is a huge consumer market. This can be confirmed by the data released by the National Bureau of Statistics recently: the contribution rate of final consumption expenditure to economic growth in the first three quarters of 2017 reached 64.5%, an increase of 2.8 percentage points over the same period of the previous year, and the contribution rate of capital formation was higher. Out of 31.7 percentage points, continue to maintain the role of the first driver. Continued optimization of consumption structure forced a comprehensive upgrade of manufacturing industry Nowadays, in the context of China's rapid economic development, a healthy, comfortable and green lifestyle is leading the people to form a new consumption concept. Traveling out, high-quality products and any consumer goods that help improve the quality of life have become a hot spot for Chinese people to pursue. Two years ago, some people traveled to Japan for a long time, and when they returned to China, they actually carried the toilet cover. This incident caused confusion in China. But this reflects a realistic problem: the consumption demand of Chinese residents continues to grow, and the consumption structure is accelerating, but China's supply structure and supply quality have not kept up. This year, Premier Li Keqiang proposed at the State Council executive meeting that in the past our industrial system was to set the production equipment first, and then "what do I buy what you buy." However, the consumer demand of the people is now more and more diverse, and the requirements for the quality and standards of consumer goods are getting higher and higher. The manufacturing industry is increasingly transforming into a customized and personalized way. "Made in China 2025" can not only engage in equipment manufacturing, but use consumer choice to force the upgrading of industrial consumer goods and the "Made in China" upgrade. Jiang Yan, a special researcher at Suning Financial Research Institute, told the "Securities Daily" reporter that consumption has forced industrial upgrading to be a trend after 2010. From the perspective of phenomena, as China's economy continues to grow and national income levels continue to rise, there has been a phenomenon in China: the sales of many domestic companies have declined, but the sales of foreign products of similar products have surged. The main reason is that consumers' demand for quality has gradually surpassed the demand for price, and quality sensitivity has replaced price sensitivity. Therefore, manufacturers have been forced to upgrade by market demand, and high-end manufacturers have been oppressed and innovated by demand to realize enterprise transformation. Liu Xiangdong, an associate researcher at the Economic Research Department of the China International Economic Exchange Center, said in an interview with the Securities Daily that China’s consumption has been upgraded from a low-end to a mid-to-high end, reflecting the growing need for a better life. Side structural reforms. When Chinese people have more preferences for high-quality products, they will naturally force domestic supply market reforms, otherwise people will vote with their feet to buy high-quality products overseas. Consumption upgrading is a revolution on the demand side, which creates new energy through demand and fosters new momentum. New kinetic energy for consumption boosts new funds. According to data released by the National Bureau of Statistics, in November 2017, national consumer prices rose by 1.7% year-on-year. Among them, the city rose 1.8%, the rural rose 1.5%; food prices fell 1.1%, non-food prices rose 2.5%; consumer prices rose 0.9%, service prices rose 3.1%. From January to November, the national average consumer price level rose by 1.5% over the same period last year. In this regard, Xu Hongcai said that consumption has driven the economy in the short term, and some new features have emerged. The two traditional consumption of housing and automobile consumption have obviously weakened the driving force of the economy. On the other hand, new consumption has taken off, mainly reflecting In terms of culture, information, tourism, pension, health and sports consumption, these emerging consumption have become new growth points and highlights of China's economic growth, and have become an important area for leading capital investment. “The next step of high-end consumer demand will become a new kinetic energy for economic growth.†Nie Huihua, deputy dean of the National Development and Strategy Research Institute of Renmin University of China, recently analyzed the reasons for the “Securities Daily†reporter. First, the high-end consumer will guide the new The point of economic growth. Huge market demand will attract companies to enter spontaneously. At the same time, it will also guide Chinese enterprises to carry out technological upgrading and industrial adjustment, from a highly homogenous low-end market to a differentiated mid-to-high-end market, and eventually form a group of first-class industries and first-class enterprises with international competitiveness. Second, high-end consumption will promote the transformation and upgrading of traditional industries. Many traditional industries can also renew their vitality under the guidance of high-end consumption. For example, the introduction of healthy organic food and the introduction of “Internet +â€, with the help of new thinking, new formats and new models, traditional industries can also become new economic growth points. Third, the high-end consumer demand can be forced to supply-side reform. The advantage of the market economy is that resources can be used to guide the rational allocation of resources. If we can further promote the supply-side reform, so that the Chinese do not have to go abroad to buy "rice cookers, buy milk powder...", then the problem of structural mismatch between supply and demand in China's current economy is expected to be resolved. Jiang Yan said that consumption further enhances people's sense of gain mainly in the following three aspects: First, the wealth of the people at the income level, so that the people have more income, better material conditions. The second is to realize the circulation of personal funds in finance, and achieve a cross-period balance of personal income through a series of personal credit products such as credit cards. The third is to provide a large number of truly high-quality products in the consumption, to achieve demand for product innovation. Nie Huihua pointed out that in order to further expand consumption, it is necessary not only to exert force from the supply side, but also to solve problems in terms of commodity variety, price, quality, safety, and shopping environment to meet the individualized and differentiated consumer demand of middle and high income groups. It should also enrich the means of consumer payment, optimize the structure of e-commerce, promote the convenience of cross-border e-commerce in customs clearance, warehousing, logistics, etc., and facilitate the import of consumer goods, so that residents can purchase goods without leaving home. "Building a sound social system and reducing uncertain social expectations will make our residents have no worries about consumption, but also a fundamental way to enhance people's sense of acquisition and further expand consumption." Nie Huihua stressed.
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