The Chinese Government has recently introduced a package of measures and special plans to boost consumption. On April 25, the Political Bureau of the Communist Party of China Central Committee, a 24-member body comprising the Party's highest-ranking officials, held a meeting to analyze the current economic situation and discuss economic policies. The meeting decided to boost service consumption, strengthen the role of consumption in driving economic growth and remove restrictive measures in the consumption sector.

Promoting consumption is currently one of the most important measures for China to boost growth, especially against the backdrop of the "reciprocal tariffs" imposed by the U.S. Government on China and other global trading partners, which have severely affected international trade.

Chinese President Xi Jinping said relying on the domestic market and fully tapping into the potential of domestic demand are conducive to resolving the impact of external shocks and declining international demand.

The Chinese consumer market is trending toward diversification and higher-quality development, though challenges remain, including untapped consumption potential and an imperfect consumption environment. To expand domestic demand and sustain stable economic growth, the government has implemented policies to boost consumption, including launching promotional campaigns such as trade-ins to stimulate spending. Additionally, it is committed to enhancing market supervision, cracking down on counterfeit goods and safeguarding consumer rights. By improving consumption capacity, optimizing supply and refining the consumption environment, the government aims to unlock consumption potential and drive high-quality economic growth.

China, the world's second largest consumer market, boasts the biggest middle-income group globally, offering vast investment and consumption potential. In Xi's words, "The Chinese economy is a sea, not a pond." This is a vivid interpretation of the country's huge market potential.

Data from the National Bureau of Statistics indicate that the dynamism of its supersized market is being increasingly unleashed. In the first quarter (Q1), total retail sales of consumer goods reached 12.47 trillion yuan ($1.7 trillion), a year-on-year rise of 4.6 percent. In Q1, consumer spending contributed 2.8 percentage points to overall GDP growth, further consolidating its fundamental role in economic growth.