New users can click on "International Business Daily" to follow.

Preliminary accounting shows that the GDP for the first three quarters of the year reached 10 trillion yuan, with a year-on-year growth of 5.2% calculated at constant prices. At a press conference on the performance of the national economy in the first three quarters held by the State Council Information Office on October 18, Sheng Laiyun, Deputy Director of the National Bureau of Statistics, introduced that overall, the national economy operated steadily and made progress in the first three quarters. In September, key economic indicators showed positive changes, and the accumulation of factors driving the economy upward and improving continued to increase.

From the perspective of consumption, data shows that in the first three quarters, the total retail sales of consumer goods reached 10 trillion yuan, an increase of 6.8% year-on-year; the total online retail sales reached 10 trillion yuan, an increase of 11.6% year-on-year; and the service retail sales increased by 18.9% year-on-year. Industry insiders interviewed stated that with the continuous manifestation of policy effects and further economic recovery, the positive trend in the consumer market is expected to continue.

Policy effects are gradually emerging

Data shows that in the month, total retail sales of consumer goods increased by 8.2% year-on-year, accelerating by 0.4 percentage points from the previous month; and increased by 0.17% month-on-month. Sheng Laiyun stated that in late September, the central government intensified its efforts to introduce a package of incremental policies, including large-scale equipment renewal and consumer goods trade-ins, adjustments and optimizations in the real estate sector, etc. These policies have effectively boosted market confidence, with some already implemented and their effects gradually emerging; others are being accelerated, and the realization of their effects will take some time.

From the policies already implemented in the first three quarters, the policy effects have been relatively significant. Sheng Laiyun further explained that in terms of consumption, under the effect of the consumer goods trade-in policy, the retail sales of household appliances and audio-visual equipment from限额以上单位 increased by .% in the first three quarters, with the retail performance of products such as automobiles, home appliances, office supplies, and home furnishings involved in the trade-in policy being even more pronounced in the month of .

The retail sales of automobiles increased by .% in the month, achieving a positive growth for the month after several consecutive months of decline in automobile retail, with a decline of .% in the month. The retail sales of household appliances and audio-visual equipment increased by .% in the month, significantly accelerating by . percentage points compared to the month. The retail sales of cultural and office supplies increased by % in the month, while they declined by .% in the month. The retail sales of furniture also turned from negative to positive.

In the first three quarters, China's consumer market maintained a stable growth trend. Jiang Zhao, an associate researcher at the Institute of Circulation and Consumption, Ministry of Commerce Research Institute, told the International Business Daily that service consumption achieved rapid growth, with a year-on-year increase higher than that of commodity consumption, reflecting that China's residents' consumption structure is gradually shifting from being dominated by commodity consumption to a balance between commodity and service consumption; online consumption maintained good growth, highlighting the advantages of China's digital economy development and the rapid development of e-commerce platforms.

Fu Yifu, a senior researcher at the Star Map Financial Research Institute, also mentioned in an interview with the International Business Daily that in the first three quarters, service consumption represented by catering and new consumption represented by online retail showed relatively strong performance, with growth significantly higher than the overall growth of social retail sales.

Fu Yifu analyzed that the positive changes in the main economic indicators for the month were due to a series of incremental policies introduced by relevant departments, along with the sustained effects of earlier measures such as the "trade-in" program for consumer goods, which greatly boosted the consumer market. Additionally, as the month approached the National Day holiday, residents generally prepared for holiday travel and consumption, which had a certain promotional effect on the month's consumption growth. Furthermore, the acceleration of the capital market's recovery in the latter half of the month significantly boosted residents' consumption willingness and confidence, contributing to the increase in consumption for the month.

The market is expected to continue to pick up

It cannot be overlooked that the current economic recovery and positive momentum in our country are not yet firmly established. Sheng Laiyun stated that in the next stage, it is essential to earnestly implement the central government's policy decisions, accelerate the implementation of a package of incremental policies and the already introduced stock policies, form a synergy of policies, consolidate the stabilizing and recovering trend in the economy, and continuously drive the economy upwards, structure towards optimization, and development towards improvement.

"Overall judgment, the economy in the fourth quarter will continue the stabilizing and recovering trend that has already emerged in the months. We are full of confidence in achieving the annual targets," said Sheng Laiyun.

Fu Yifu also pointed out that the current issues of insufficient domestic demand and weak endogenous growth momentum in the national economy cannot be ignored, especially in the context of uncertainties and risks both domestically and internationally, where consumer confidence among residents remains insufficient. However, against the backdrop of continuous policy efforts in various aspects, multiple economic indicators have shown significant improvements month by month, signaling that the turning point for economic improvement has emerged, with positive factors continuously accumulating.

Fu Yifu expects that as the effects of subsequent policies continue to manifest and the economic situation further warms up, both residents' expectations and consumer confidence will see an increase, and the positive trend in the consumer market is also likely to be sustained.

Jiang Zhaoyi also stated that under the positive influence of policies and measures such as the old-for-new program for consumer goods and promotional consumption events, the future consumer market will continue its favorable development trend. There are good development opportunities in areas such as smart consumption, green consumption, and healthy consumption, and innovative consumer products and brands will continue to emerge.