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Consumption has b上海千花网een the top driver of econ

nomic growt上海千花网h for six years in a row. In 2018, it contributed to 76.2 percent of economic g

rowth, 18.6 percentage points higher than 2017, and it is expected to be a major force again this year.

“The government has been continuously deepening the reform of corporat上海千花网

e taxes and fees to stimulate enterprises, as well as implementing policies to stimulate em

ployment and encourage entrepreneurship,” said Andy Zhao, president of Nielsen China. “Meanwhile, per上海千花网女神会所

sonal tax reform has also taken place … consumers’ willingness to spend has been further encouraged.”

From home electronics to new energy cars, authorities have introduced policies to further stimulate domestic consumption.上海千花网

In early June, the National Development and Reform Commission, the Min

istry of Commerce and the Ministry of Ecology and Environment released an action plan to acc

上海千花网女神会所elerate the upgrade of consumption goods and resource recycling, which addressed the production, application a

nd innovation of new energy vehicles, green home appliances and the commercial use of 5G mobile phones.

The action plan also highlighted the potential for vehicle cons

umption in rural areas. In early January, the country issued an action plan to optimize co上海千花网女神会所

nsumption supplies, which also addressed subsidies for energy saving and new energy vehicles.

“The market size in China is not only huge, but is also undergo

上海千花网女神会所ing a consumption upgrade,” said Wang Qing, a research fellow at the Development Re

search Center of the State Council. “With the new round of policies being launched to stimulate consumption and c

ompanies diversifying their offerings, the consumption potential will be further liberalized.”

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