On April 19th, CITIC Securities pointed out that China has actively implemented policies to expand domestic demand through consumption. In the past two years, many policies have achieved certain results, such as the “two new” policy to promote equipment updates and trade in of consumer goods, and innovative consumption scenarios to drive consumption growth in cultural and tourism industries. However, since April, the Trump administration in the United States has gradually imposed high tariffs on China, with the pace and intensity of tariffs far exceeding expectations, seriously impacting China’s export trade. In this context, achieving significant growth in consumption in China this year is not only an inevitable choice to cope with external shocks, but also a key lever to stabilize the economic fundamentals. In the future, domestic consumption expansion policies are likely to continue to be intensified.
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