Jin Guanping of Economic Daily published an article stating that 7 departments including the Ministry of Commerce recently issued “Implementation Opinions on Promoting the Expansion and Upgrading of Product Consumption”, which clearly proposes cultivating and forming a 10-trillion market for green consumption, smart consumption, and healthy consumption by 2030. This move conforms to changing consumption trends and opens up new growth space. It is a key measure to expand domestic demand, promote transformation, and build a strong domestic market. The development of upgraded consumption is a positive response to changes in consumer demand. China has a large-scale consumer market with a population of more than 1.4 billion. The middle income group continues to grow, and consumer consumption is gradually shifting from mainly commodity consumption to equal emphasis on commodity consumption and service consumption. Data shows that in the consumer consumption structure in recent years, the share of food expenditure has continued to decline, and the share of consumption for culture, sports, entertainment, etc. has been steadily increasing, reflecting that the consumption structure is shifting from a subsistence type to a development type and quality type. Cultivating and expanding upgraded consumption not only conforms to changing trends in domestic consumption, but is also an important measure to transform huge potential consumer demand into actual purchasing power.

Jin Guanping of Economic Daily published an article stating that 7 departments including the Ministry of Commerce recently issued “Implementation Opinions on Promoting the Expansion and Upgrading of Product Consumption”, which clearly proposes cultivating and forming a 10-trillion market for green consumption, smart consumption, and healthy consumption by 2030. This move conforms to changing consumption trends and opens up new growth space. It is a key measure to expand domestic demand, promote transformation, and build a strong domestic market. The development of upgraded consumption is a positive response to changes in consumer demand. China has a large-scale consumer market with a population of more than 1.4 billion. The middle income group continues to grow, and consumer consumption is gradually shifting from mainly commodity consumption to equal emphasis on commodity consumption and service consumption. Data shows that in the consumer consumption structure in recent years, the share of food expenditure has continued to decline, and the share of consumption for culture, sports, entertainment, etc. has been steadily increasing, reflecting that the consumption structure is shifting from a subsistence type to a development type and quality type. Cultivating and expanding upgraded consumption not only conforms to changing trends in domestic consumption, but is also an important measure to transform huge potential consumer demand into actual purchasing power.