China Unveils Plan to Boost Domestic Consumption
China’s Ministry of Industry and Information Technology (MIIT) announced an action plan to boost domestic consumption and align supply with demand trends. Eldercare products, smart vehicles, and consumer electronics are expected to each become 1 trillion yuan markets by 2027. Ten additional consumption hotspots, including fitness equipment, drones, and guochao apparel, are projected to reach 100 billion yuan each.
Eldercare Sector Emerges as Key Pillar of Silver Economy
Vice-Minister Xie Yuansheng highlighted the rapid expansion of the eldercare sector, which grew from 2.6 trillion yuan in 2014 to 5.4 trillion yuan in 2024, emphasizing its role as a pillar of China’s silver economy. Coordinated efforts across supply chains, logistics, and channels are planned to strengthen adaptability and ensure smooth market circulation.
AI and Tech Innovation to Drive Consumer Market Growth
Experts noted that AI and technological innovation will drive the plan, fostering integration of online and offline consumption channels while promoting diverse and personalized offerings. Policies also focus on rural, green, and leisure markets, helping resolve supply-demand mismatches and energize the national market.
Retail Data Highlights Rising Domestic Demand
Retail data supports the plan’s relevance, with October retail sales at 4.629 trillion yuan, up 2.9 percent year-on-year. The government’s proactive alignment strategy seeks to match production with consumer trends, promoting quality, structure, and utility of products while strengthening domestic demand as a key driver of economic resilience.
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