Interviewer: How significant is consumer spending in driving economic growth in China this year?
Expert: Consumer spending has been a key engine of economic growth. Since the beginning of the year, a series of policies aimed at boosting domestic demand and promoting consumption have been implemented, yielding visible results. For instance, data from the first three quarters shows that retail sales of consumer goods increased by 3.3% year-on-year, and final consumption expenditure contributed 49.9% to economic growth, accounting for a 2.4 percentage point increase in GDP.
Interviewer: Can you share any recent initiatives that have been put in place to stimulate consumption?
Expert: Certainly! As of October, many cities across the country have launched new rounds of consumption vouchers that cover various sectors such as dining, accommodation, movies, and sports. For example, at the Huanyu Hui Mall in Shanghai, on the morning of October 17, a journalist managed to snag a dining voucher.
Interviewer: What other activities are being covered by these vouchers?
Expert: It’s not just dining—there are also movie vouchers available. Shanghai started its second round of movie consumption vouchers on October 8, offering discounts of up to 30 yuan for individuals and 60 yuan for couples. Additionally, events like concerts, musical shows, and stand-up comedies are included.
Interviewer: How have local businesses responded to these consumption voucher initiatives?
Expert: From our visits to various merchants, it’s clear that these vouchers have significantly boosted foot traffic in commercial districts. Some restaurants in these areas reported an average seating occupancy rate of over 80%.
Interviewer: Are there any targeted subsidy programs being launched alongside these vouchers?
Expert: Yes, in addition to the ongoing distribution of consumption vouchers, Shanghai has introduced more precise and segmented subsidies. A recent example is the subsidy for age-friendly products, where seniors aged 60 and above residing in Shanghai can enjoy discounts of up to 3,000 yuan when purchasing relevant products without needing to claim a voucher.
Interviewer: What can we expect in the coming weeks regarding these initiatives?
Expert: On the morning of October 19, Shanghai will continue to distribute a new batch of dining vouchers, with the total amount exceeding the previously planned 30 million yuan and a broader merchant coverage. Furthermore, since October, numerous cities like Henan, Hubei, and Sichuan have also rolled out consumption vouchers across various sectors, including dining, accommodation, electronics, and home improvements, using real monetary incentives to stimulate spending.
