From "stimulating demand" to "creating demand" - the triple mechanism of expanding and upgrading commodity consumption
2026-09-21
On August 31, seven departments including the Ministry of Commerce, the National Development and Reform Commission, and the Ministry of Industry and Information Technology issued the "Implementation Opinions on Promoting the Expansion and Upgrading of Commodity Consumption", proposing that by 2030, the total retail sales of consumer goods in society should reach about 6 trillion yuan, cultivate and form a 10 trillion yuan market for green consumption, intelligent consumption, healthy consumption, and other related fields, and promote the sustained development and growth of consumption in related fields.
How to promote the expansion and upgrading of commodity consumption? Professor Wang Shoukun from the School of Economics at Jiangxi University of Finance and Economics believes that this document establishes a triple mechanism.
Supply side innovation creates effective demand
The key to the overall requirements is to strengthen brand leadership, upgrade standards, and apply new technologies. Simple price subsidies will inevitably lead to diminishing marginal utility - subsidy policies have benefited hundreds of millions of people and generated huge sales, but the essence of subsidies is cross period substitution, and the effect naturally decays after the base is raised. The file thus transforms the driving force: relying on new products and scenarios to convert potential demand into effective demand. The document column "Intelligent Consumption" promotes artificial intelligence smartphones and computers, smart wearables, smart robots, and smart homes, which are footnotes to creating demand through supply.
■ Layered structure expands space
The four layer structure of "stock, constant, increment, and variable": automobiles, home appliances, and household appliances are stock updates, playing a "ballast stone" role; Food, beverage, textile, and clothing are high-frequency necessities that serve as stabilizers; Silver hair, infants and children, trendy domestic products, high-quality foreign trade products, and international boutique products correspond to the three forces of population structure changes, cultural confidence, and high-level openness, which are incremental; Green, intelligent, and healthy are variables that determine future potential. Cultivating trillion dollar new markets and maintaining global leadership in trillion dollar categories is about the intergenerational shift of growth momentum - future growth mainly comes from new tracks.
Institutional supply reduces transaction costs
The essence of the five measures in Article 6 is institutional supply: smart home interconnection standards, national standards for smart terminal communication protocols and data interfaces, which eliminate information asymmetry and technological barriers; The unification of domestic trade transaction guidelines and market rules reduces institutional transaction costs; To combat counterfeiting and infringement, we aim to maintain the effectiveness of market signals; The linkage between domestic and foreign trade standard certification connects the institutional interfaces of two markets. In the language of new institutional economics, they are all doing the same thing - reducing transaction costs and making the price mechanism operate more effectively.
Wang Shoukun believes that during the 15th Five Year Plan period, the driving force of China's economic growth is shifting from external demand to domestic demand, and the expansion and upgrading of commodity consumption is the micro foundation of this transformation. The essence of its economics is to reduce transaction costs and create effective demand through supply side innovation and institutional supply, "said Wang Shoukun.
The head of the Consumer Promotion Department of the Ministry of Commerce stated that the next step will be to work with relevant departments to implement and refine various policy measures, promote the continuous expansion and upgrading of commodity consumption, and provide strong support for boosting consumption, expanding domestic demand, and building a strong domestic market. (Outlook New Era)
Edit:Luoyu Responsible editor:Wang Erdong
Source:xinhuanet.com
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