In the second half of 2008, the central government emphasized expanding domestic demand, particularly consumer spending, as a key strategy to ensure sustained economic growth. This focus on boosting consumption remained a core theme for the retail sector in 2010, shaping policy and market strategies across the country.
In March 2010, the government work report outlined eight priority tasks for the year, with "actively expanding consumer demand" being one of them. The report highlighted the need to consolidate traditional consumption while cultivating new trends such as information technology, tourism, culture, fitness, training, elderly care, and family services. It also stressed the importance of optimizing consumption structures, expanding consumer credit, improving commercial infrastructure, and creating a safe and convenient shopping environment.
To support this, the government introduced various policies, including increasing subsidies for home appliances in rural areas, expanding the range of eligible products, and improving the efficiency of subsidy distribution. Additionally, tax reductions were introduced for small-displacement vehicles to encourage purchases. These measures aimed to not only boost consumption but also enhance the quality of goods and services offered by businesses.
As the final year of the “Eleventh Five-Year Plan†approached, the government launched the “Twelfth Five-Year Plan for National Economic and Social Development.†One of its key goals was to continue the strategy of expanding domestic demand to maintain steady and rapid economic growth. The plan emphasized tapping into China’s vast domestic market potential, removing institutional barriers, and promoting a balanced approach between consumption, investment, and exports.
For the first time, “consumption†was ranked as the top pillar among the three key drivers of economic growth—consumption, investment, and exports. This marked a significant shift in policy priorities, signaling that future economic development would rely more heavily on domestic demand.
The previous year's efforts had already shown positive results. In 2009, the government invested 45 billion yuan in subsidies for home appliances, automobiles, and agricultural machinery, leading to a 16.9% increase in total retail sales of consumer goods. This demonstrated the effectiveness of targeted policies in stimulating consumption.
In 2010, these policies continued to drive growth. During the “Golden Week†holiday period, promotions like “home appliances to the countryside†and “trade-in for new†spurred strong demand. Energy-saving appliances, large-screen TVs, and smart washing machines became popular choices, reflecting a growing consumer preference for eco-friendly and high-quality products.
According to statistics, from January to November, the sale of home appliances to rural areas reached 67.3 million units, totaling 150.41 billion yuan—an increase of 1.4 times and 1.8 times compared to the same period in the previous year. Provinces like Henan, Shandong, and Sichuan saw the highest sales volumes.
Despite uncertain global conditions, China’s economy showed resilience. By the end of the third quarter, GDP reached 26.66 trillion yuan, growing 10.6% year-on-year. This rebound reflected the effectiveness of domestic policies in driving growth.
With favorable macroeconomic conditions and ongoing policy support, China’s consumer market experienced robust growth. From January to November, total retail sales of consumer goods reached 13.9224 trillion yuan, up 18.4% year-on-year. Urban and rural markets both performed well, with urban areas seeing an 18.7% increase and rural areas a 16.0% rise.
Key categories such as food, clothing, cosmetics, and gold jewelry saw impressive growth, with some sectors like gold and silver jewelry reporting over 60% year-on-year increases. Enterprises above designated size also benefited, with overall retail sales rising 29.5% year-on-year.
These figures highlight the dynamic nature of China’s consumer market and the success of policies aimed at fostering sustainable growth through increased domestic demand.
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