Consumption is an important engine of economic growth, a key link in smoothing the domestic circulation, and a direct reflection of the people's needs for a better life.

On the afternoon of the 15th, the State Council Information Office held a series of press conferences on "The Achievements of China's High-Quality Economic Development". Li Gang, Director of the Market Operation and Consumption Promotion Department of the Ministry of Commerce, introduced that according to preliminary statistics, the sales of consumer goods with old products in 2024 will exceed 1.3 trillion yuan.

According to reports, from January to November 2024, the total retail sales of consumer goods was 44.3 trillion yuan, an increase of 3.5% year-on-year. In particular, the work of exchanging old products for new consumer products has achieved positive results. According to preliminary statistics, in 2024, more than 6.8 million automobiles were traded in new cars nationwide, more than 36 million consumers purchased more than 56 million household appliances for new products in eight major categories, "renewal" subsidy for home decoration, kitchen and bathroom "renewal" subsidy for more than 60 million electric bicycles, and more than 1.38 million electric bicycles for new products. The old-for-new consumer goods drives sales of related products exceeding 1.3 trillion yuan. It can be said that exchanging old for new has brought new consumption momentum, green and recyclable, and good quality of life.

The Central Economic Work Conference emphasized that it is necessary to vigorously boost consumption and expand domestic demand in all aspects. Li Gang introduced that the Ministry of Commerce will conscientiously implement it, promote special actions to boost consumption, continue to release consumption potential, and focus on doing a good job in five aspects.

First, we will increase efforts to implement the implementation of old-for-new consumer goods to stabilize the basic consumption. Recently, the central government has issued an initial batch of 81 billion yuan in 2025 for consumer goods traded for new products. This week, the Ministry of Commerce will issue detailed regulations on the implementation of subsidies for increasing efforts to support the purchase of new subsidies for automobiles, home appliances, home decoration and electric bicycles in 2025, as well as mobile phones. In the next step, we will further optimize the policy operation process and strengthen policy publicity and interpretation, so that consumers can understand the policies more clearly and enjoy benefits.

On October 17, 2024, consumers (right) learned about TV products at the JD Electric Super Experience Store located in Jiangbei District, Chongqing. (Photo by Xinhua News Agency reporter Wang Quanchao)

The second is to expand service consumption and optimize consumption structure. In 2024, the State Council issued the "Opinions on Promoting the High-Quality Development of Service Consumption", and the Ministry of Commerce took the lead in building a "1+N" policy and measure system for service consumption. In the next step, the Ministry of Commerce will launch a combination of policies, implement the action to improve the quality of service consumption and benefit the people, work with relevant departments to improve support policies in key areas, carry out service consumption promotion activities such as "Service Consumption Season" and "Chinese Food Festival", promote the orderly expansion of opening up in the fields of telecommunications, education, and medical care, enrich the supply of service consumption, and better meet the people's growing service consumption needs.

The third is to innovate and organize consumption expansion activities to create a consumption atmosphere. The Ministry of Commerce will work with local governments to highlight key periods, focus on key categories, link online and offline, and organize consumption promotion activities that are diverse in forms and are popular among the people. Recently, in order to meet the consumption needs of the people such as welcoming the New Year and organizing New Year goods, activities such as time-honored carnivals and online New Year goods festivals have been launched. After the festival, consumption promotion month and other consumption promotion activities will be held.

On December 31, 2024, the "Song Yun Thoughts and Searching for Craftsmanship" Hangzhou Intangible Cultural Heritage New Year Festival opened at Rixin International Plaza, Wangjiang Street, Shangcheng District, Hangzhou. (Photo by Xinhua News Agency reporter Xu Yu)

The fourth is to cultivate and strengthen new consumption and stimulate consumption vitality. Guide local governments to develop the initial economy according to local conditions, vigorously develop digital consumption, green consumption, and healthy consumption, innovate diversified consumption scenarios, and actively cultivate new consumption growth points.

On January 5, 2025, people were playing in Kapibala Theme Park located in Tianfu New District, Chengdu (drone photos). Chengdu, Sichuan matches consumer demands such as fashion shopping, quality life, Sichuan-flavored fireworks, etc. with the entire region's consumption resources, forming a diverse consumption space combination, and promoting the accelerated innovation and upgrading of diversified consumption scenarios to meet the needs of consumers. (Photo by Xinhua News Agency reporter Liu Kun)

Fifth, improve consumption conditions and optimize the consumption environment. We will accelerate the cultivation of international consumption center cities and create a more friendly international consumption environment. Promote the transformation of facilities in pedestrian streets and business districts and upgrades business formats, focus on "one old and one young", and deepen the construction of a convenient living circle for a quarter of an hour. Deeply implement the three-year county commerce action, promote the transformation and upgrading of "Thousand Collections and Ten Thousand Stores", and continuously facilitate consumption of urban and rural residents. Implement the task of building a unified national market and create a good consumption environment.

Comprehensive Xinhua News Agency report

Produced by Xinhua News Agency Audio and Video Department