Site of the symposium on new consumption and the release of domestic demand potential

■ China Economic Times reporter Hu Pan

How to expand new consumption and release the potential of domestic demand? At the symposium on new consumption and the release of domestic demand potential at the 2024 annual meeting of the China Development Forum, many domestic and foreign government officials, experts, scholars, and entrepreneurs shared their views and suggestions on topics such as where the "new" of new consumption is and how to develop new consumption. Deng Yusong, director of the Institute of Market Economy of the Development Research Center of the State Council, presided over this seminar. Sima Hong, Vice Mayor of Beijing City, and Huayuan, Member of the Standing Committee of the Shanghai Municipal Party Committee and Vice Mayor, respectively delivered keynote speeches.

Sima Hong said that consumption is the ultimate demand, which is not only the ultimate goal and driving force of production, but also a direct reflection of the people's need for a better life. In 2023, China's final consumption expenditure will contribute more than 80% to economic growth, fully demonstrating the contribution of consumer expenditure to economic growth and the infinite potential and huge space contained in China's consumer market. Among them, new consumption such as new business formats, new models, new brands and new scenarios spawned by the Internet and digital technology have made significant contributions. They are an important manifestation of new productivity in the consumption field and have also become a new driving force for economic development.

Sima Hong pointed out that at present, new consumption is constantly reshaping the consumption structure and releasing consumption potential. Beijing will also follow the new development concept, firmly grasp the strategic positioning of the capital city, continue to promote the implementation of policies to expand domestic demand and promote consumption, strive to promote the iterative upgrading of commodity consumption towards intelligence, green, and quality, and strive to promote the improvement and expansion of service consumption to meet The huge needs of consumers for diversification, personalization, and customization, strive to promote the formation of a mechanism for positive interaction between consumers, enterprises, and governments, and build an international consumption center city that integrates China and foreign countries, gathers the world, and leads the trend.

Huayuan said that developing new consumption is an important starting point for Shanghai to expand domestic demand and stimulate consumption potential. It is an important task for Shanghai to build an international consumption center city. At present, new consumption has become an important driving force for the construction of Shanghai's international consumption center city. New consumption represented by green, health, intelligence, etc. is booming, promoting the acceleration of consumption from commodity consumption to culture, sports, education, tourism, information and other services. Consumption expands, from popular and homogeneous consumption to personalized and characteristic consumption, showing a new trend of diversification, intelligence, and green overall.

Huayuan pointed out that in line with the development trend of new consumption, Shanghai will further enrich consumption supply, expand consumption connotation, encourage consumption innovation, improve the consumption environment, create a new consumer brand gathering place, model innovation source and consumer trend vane, and accelerate the promotion of international consumption centers. The attraction and influence of the city. At the same time, we must seize new opportunities, promote green and low-carbon concepts and technologies to empower consumer application scenarios, and lead and create consumer demand with high-quality supply.

During the group discussion, Mark Schneider, CEO of Nestlé Group, Zhang Yuliang, Chairman and President of Greenland Holding Group, Ye Hongmu, CEO of L'Oréal Group, Xu Ran, CEO of Jingdong Group, and Liu Yonghao, Chairman of New Hope Group Co., Ltd., Gu Shu, Chairman of Agricultural Bank of China, Dai Pu, Co-President of Roland Berger Global Management Committee, Zhang Wenzhong, founder of Wumart Group and founder of Multipoint Dmall, senior researcher at the Peterson Institute for International Economics, Nicholas Lardy, a member of the U.S. Council on Foreign Relations, Hai Wen, deputy director of the Peking University School Council (former vice president), and founding dean of Peking University HSBC Business School, shared their views.

Schneider evaluated China's consumer market from the perspective of international companies. He said that the Chinese market contains huge opportunities, and healthy elderly care and digital consumption are current consumption trends. Nestlé Group will actively participate in the process of digitalization of consumption, firmly seize the opportunities, and use e-commerce and digital consumption. Contribute to global green and sustainable development.

Ye Hongmu said that the rise of technology has allowed companies to provide consumers with more personalized experiences. For example, the emergence of technology and data has helped companies better improve their analytical tools to recommend more suitable products to consumers. He also emphasized that in the process of integrating into national markets, international brands should pay attention to the localization of products and services in order to better meet local needs, which is something that international brands must adapt to.

In his speech, Zhang Yuliang specifically analyzed the new characteristics presented by new consumption. He believes that new consumption is mainly manifested in three "new" aspects. First, the consumer group is new, mainly represented by new youth, new elderly, new middle class, and new women. Second, the content of consumption is new, that is, from focusing on commodity consumption to paying equal attention to both commodity and service consumption; from focusing on material consumption to simultaneously material and spiritual and cultural consumption; from focusing on survival consumption to taking into account development and enjoyment; from focusing on mass consumption to combining mass and personalized consumption; from low-quality consumption to improving quality and upgrading of medium and high-quality consumption. Third, the scenarios are new. Especially driven and empowered by digital technology, new consumption scenarios such as online shopping, Internet + services, platform sharing, and online and offline integration have developed rapidly and iterated, which has greatly released consumption potential and has become a driving force for domestic demand.

Xu Ran combined Jingdong's online consumption data to make a brief analysis of the development trend of new consumption. She believes that the current new consumption trend presents four characteristics. First, digital consumption promotes the efficient docking of supply and demand, and promotes the continuous expansion and improvement of consumption. This is reflected in the explosive growth of consumption of intelligent products, the rapid growth of new technology products, and the continuous increase in consumption demand for online services. Second, green consumption is adapting to the general trend of energy conservation and emission reduction and accelerating the transformation and upgrading of industrial structure. Third, the health consumption needs of the elderly are constantly expanding, and the expansion of digital medical services is constantly promoted. Fourth, national trend consumption is promoting the integration of goods and culture, radiating new vitality of traditional consumption and injecting new momentum into traditional consumption.

Liu Yonghao gave new views on new consumption from the perspective of traditional enterprises. He said that behind new consumption are changes in the industrial structure and industrial chain. Traditional enterprises must keep up with the needs of the changing times, have the courage to change and innovate. In this process, we must also focus on green, low-carbon and sustainable development.

Gu Shu shared the practices and practical experience of the Agricultural Bank of China from the perspective of new consumption of financial services. He said that in combination with the new characteristics of new consumption, the Agricultural Bank of China has taken multiple measures to support new consumption by optimizing financial services, including cultivating new consumer groups; actively integrated into the construction of new consumption scenarios, actively adapted to diversified new consumption trends, and assisted consumption. Improve quality; accurately meet the needs of new consumer finance; proactively protect the rights and interests of financial consumers under the new situation, and help build a safe and healthy financial consumption environment.

Haiwen gave policy suggestions to help new consumption from the policy level. He believes that grasping consumption is an important direction for future development, and the government must promote the development of private enterprises through some tangible policies. At the same time, it is necessary to strengthen education and training so that the improvement of the quality of the talent team can keep up with the development of science and technology. In addition, it is necessary to break down local protection barriers and eliminate institutional obstacles that hinder new urbanization, thereby releasing more investment and consumption demand.