引导民间投资向高技术、服务业等新赛道拓展

一些领域商品消费增速放缓

渐进推开立“新”破“旧”

合理把握房地产发展新模式各项基础制度出台时机

支持房企加快从以新房销售为主向更多持有物业

需求端要采取更多针对性措施

“好房子”总体不愁卖

“新市民”刚性住房需求有待持续释放

我们在城市更新特别是危旧房和城中村改造方面还有很多工作要做

房地产开发投资延续下降态势，这是各地消化库存、严控增量的结果，是房企应对当前市场形势的理性选择，对此要客观分析、正确看待

房价降幅持续收窄

加大对建筑、住宿餐饮等劳动密集型行业的政策支持

支持更多高校毕业生到城乡基层、中小微企业就业创业

明年高校毕业生将达到1270万人，再创历史新高

以更大力度扩大进口

实现国际收支基本平衡是我们的政策目标

财税、考核制度

针对一些地方在招商引资中违规提供税费、土地、电价等优惠，甚至举债搞补贴，要加快出台地方招商引资鼓励和禁止事项清单，划清红线底线

这项工作不是一蹴而就的，是持久战。

继续提高城乡居民基础养老金

我们也注意到，近几个月消费和投资增速有所放缓，需要持续加力扩内需

文旅、养老、托育等服务消费需求旺盛

我国正在从以商品消费为主转向商品消费和服务消费并重

既包括降准降息，也包括其他短期、中期、长期流动性投放工具

这是今年会议的新提法

推动更多资金资源投资于人

实施时机上，主动靠前

政策质效上，提高

政策力度上，保持

投资和消费增速明年有望恢复

但变数较多

社会大局保持稳定

资本市场较为活跃

“保交房”任务全面完成

新质生产力稳步发展，科技创新成果丰硕

预计全年经济增长5%左右

要科学合理安排赤字、债务及支出政策，抓实化解地方债务风险，增强财政可持续性

要有所不为，最大限度减少政府对资源的直接配置和对微观经济活动的直接干预

财政资金向公共领域聚焦，向外溢性强、社会效益高的方面倾斜

推动更多资金资源投资于人、服务民生

通过民生改善打开内需增长新空间

立足全局出台“合预期”甚至“超预期”的政策措施

创造性运用超长期特别国债、财政贴息等手段

供给创造需求

支持建设现代化产业体系

又强化跨周期调节

和跨周期

三去一降一补

对关键领域和薄弱环节靶向发力，推动发展动能平稳接续转换

坚持不搞大水漫灌强刺激

要结合打击网络乱象，深入查找网络生态治理的薄弱环节，采取针对性措施固根基、补短板。

要坚持以正面声音、主流价值、时代新风

要加强对网络平台、自媒体和多频道网络机构的引导，促使其担负社会责任，自觉成为正能量传播者。

the key weakness in China’s consumption structure lies in services.

China’s share of service consumption still needs to increase, and the representation of service-sector firms among listed companies remains noticeably low

Since 2020, consumption growth in the A-share data has become more closely aligned with macro growth.

For a few categories—most notably automobiles and beverages—the relative growth performance of listed companies strengthened after 2020 compared with the macro benchmark.

During economic downturns, households rely more heavily on essential consumption, while in periods of recovery this dependence diminishes.

At the same time, although consumption in the grain & food category and the furniture category also weakened relative to the macro benchmark, their underlying dynamics differ: grain & food exhibits a clear counter-cyclical pattern, whereas furniture is strongly influenced by the real estate cycle.

overtaking automobiles to become the largest category in terms of revenue share among goods-related consumption.

it reflects a widespread increase in industry-wide revenue, indicating a genuine structural strengthening of essential consumption within this category.

Figure 3 shows that the revenue share of these firms increased notably after 2020—rising by 4 percentage points from 2019 to 2020—and has since remained above 25%. By 2024, its share is more than 5 percentage points higher than in 2015.

During the continued rise in essential consumption, the growth of the grain-and-food category stands out most prominently

Over the past decade, the share of discretionary consumption declined by roughly 5 percentage points, while the share of essential consumption correspondingly increased by about 5 percentage points.

In total, 493 firms across 11 categories can be effectively matched with retail statistics. The distribution is as follows: 176 in grain and food; 84 in apparel and textiles; 78 in household appliances and audiovisual equipment; 32 in tobacco and alcohol; 30 in furniture; 27 in daily necessities; 19 in automobiles; 14 in cosmetics; 14 in gold and jewelry; 11 in sports and entertainment goods; and 8 in beverages.

Starting in 2023, goods consumption declined while service consumption increased. In terms of absolute levels, goods consumption has consistently maintained a dominant position.

we also construct an alternative fixed sample consisting of 458 firms listed in or before 2020 (401 goods companies and 57 services companies).

we first select 296 companies that were listed in or before 2014 (250 goods companies and 46 services companies).

In terms of growth rates, differences between A-share-based consumption growth and macro-level consumption growth were larger before 2020 but have narrowed since then.

post-2020, consumption growth reflected by A-share companies has weakened relative to macro data and shows clear pro-cyclicality

has risen while discretionary spending has declined

since 2020, essential consumption

China’s consumption structure remains dominated by goods

A-share data is highly representative of goods consumption

Using revenue data from A-share consumer-sector listed companies