CCTV News: Understand China's economic answer sheet and pay attention to important economic indicators. According to the latest data for 2024 released by the National Bureau of Statistics, we selected some of the important indicators and interviewed spokespersons of the National Bureau of Statistics, economic experts and scholars for in-depth interpretations.
Let’s first look at consumption. In 2024, with the continuous efforts and effective measures of expanding domestic demand and promoting consumption, the consumer market has achieved steady growth, and residents’ consumption has shifted from commodity consumption as the main focus to commodity and service consumption as both.
In this 2024 China Economic Answer Sheet, it can be seen that the total retail sales of consumer goods reached 48.8 trillion yuan, an increase of 3.5% over the previous year, and its scale is firmly at the forefront of the global market. By quarter, the year-on-year growth of 4.7%, 2.6%, 2.7% and 3.8% in the first, second, third and fourth quarters respectively, and the growth in the third and fourth quarters accelerated compared with the previous quarter.
Wang Guanhua, spokesperson of the National Bureau of Statistics and deputy director of the Department of Comprehensive Statistics of the National Economy, said that in 2024, the scale of my country's consumer market will continue to expand and the structure will continue to be optimized. Residents' consumption has shifted from commodity consumption to equal emphasis on consumption of goods and services. Digital consumption, green consumption and healthy consumption are becoming increasingly popular among consumers.
Through this answer sheet, we can see that the sales of related products are improving. As the policy of ex-new consumer goods trade-in policy continues to increase efficiency, retail sales of household appliances and audio-visual equipment have increased by double digits for four consecutive months, the growth rate of retail sales of automobiles and furniture has turned from negative to positive, and retail sales of construction and decoration materials has gradually improved.
Through this answer sheet, we can see that the demand for service consumption is constantly releasing. In 2024, service retail sales increased by 6.2% over the previous year, a growth rate of 3.0 percentage points higher than the retail sales of goods during the same period. Consumption growth in transportation, tourism and other related products is relatively good. Digital entertainment, online education, live broadcasts and short video shopping have driven double-digit growth in retail sales of communication and information services.
In 2025, "Vigorously boosting consumption, improving investment efficiency, and expanding domestic demand in all aspects" was listed as the first priority of the key tasks of economic work, and innovating diversified consumption scenarios and expanding service consumption have become important tools. Zhu Min, a senior expert member of the China International Economic Exchange Center, said: "China's consumption of commodities and material products account for 31% of GDP, which is almost consistent with the gradual decline of per capita GDP to around US$13,000. After the per capita GDP level is high, the demand for necessities is always limited, and it will gradually decline after meeting it. What is needed is service demand, and development demand becomes increasingly important."
Looking forward to 2025, experts believe that catering, tourism and leisure consumption will continue to recover, and there is huge room for development for service consumption such as medical care, education, culture, sports and tourism. The policy side continues to make efforts and will continue to drive the sales of bulk consumer goods such as cars and home appliances.
Zhang Linshan, a researcher at the Macroeconomic Research Institute of the National Development and Reform Commission, said: "In 2025, my country's consumer market will show a stable growth trend. Online and offline integration will accelerate, and consumers will experience more convenient shopping methods. Social media and short video platforms will remain important channels for promotion and sales. In terms of electronic products, emerging electronic products such as smart homes and wearable devices are expected to usher in explosive growth."
