What are the results of the 2023 China Economic Mid term Examination? Three Questions to Look at in the First Half of the Year Consumer Transcript Economy | Market | Performance

Pay attention to the 2023 China Economic Middle School Entrance Examination transcript, how do you evaluate your grades? How to do it in the future? In the first half of this year, the strongest and deepest feeling for each of us was the booming cultural tourism market. From the Spring Festival, Dragon Boat Festival to May Day, people have a strong desire to travel and consume during several important holidays, and major scenic spots and cultural and museum units find it difficult to obtain a single ticket, effectively driving the growth of benefits in related industries such as catering, accommodation, transportation, and communication. Next, let's take a look at the consumption performance report for the first half of the year through these three questions.

Cultural and tourism consumption is hot, how should cultural and museum units optimize the experience?

What are the new findings on total consumption and consumption structure?

How to further promote economic recovery through consumption?

Before answering any questions, let's first understand the relevant data of the tourism consumption market in the first half of the year.

The summer box office has exceeded 8 billion yuan with diverse genres and diverse themes

Let's first take a look at the film market. According to statistics from the National Film Administration, China's box office exceeded 26.2 billion yuan in the first half of 2023, a year-on-year increase of 52.91%. The domestic film market is experiencing a strong recovery. In the past two days, with the release of multiple films, the summer film market has once again sparked a craze for watching movies. As of now, the box office of summer films has exceeded 8 billion yuan.

Data shows: Nanjing's cultural and tourism consumption is recovering strongly during the Dragon Boat Festival holiday

The primary task of this year's economic work is to focus on expanding domestic demand, restoring and expanding consumption. Since the beginning of this year, some millennium old capitals have relied on their own characteristics, excavated historical and cultural resources, and transformed cultural and tourism consumption from traditional sightseeing to deep immersion.

Next, let's take the Nanjing Dragon Boat Festival as an example to experience the strong recovery of the cultural and tourism consumption market in the ancient capital of Nanjing. According to monitoring information from the Jiangsu Department of Culture and Tourism, during this year's Dragon Boat Festival holiday, Nanjing received a total of 4.7032 million tourists, a year-on-year increase of 128.5%; Realized a total tourism revenue of 6.882 billion yuan, a year-on-year increase of 132.6%; The number of tourists received ranks first in Jiangsu Province, with Nanjing Confucius Temple Qinhuai Scenic Belt, Zhongshan Mausoleum, and Xuanwu Lake being popular scenic spots.

New Highlights of Cultural and Museum Consumption in Jinling City during Study Check ins

The Nanjing Confucius Temple Qinhuai Scenic Belt mentioned here is a national 5A level scenic spot and a famous open scenic area. Along the Gongyuan Street of the Confucius Temple, heading east, you will arrive at the largest imperial examination center in the Jiangnan region during the Ming and Qing dynasties - the Jiangnan Gongyuan. Currently, this place has become a new highlight of cultural and museum consumption in Nanjing. Pok a video, follow the reporter's footsteps, come to Nanjing for a walk, take a stroll.

The rapid growth of consumption in the first five months of Nanjing has a significant driving effect

In the first half of this year, the ancient capital of Nanjing became a new highlight of cultural and tourism consumption, and cultural and tourism consumption effectively drove the local consumer market. The latest data from the Nanjing Municipal Bureau of Commerce shows that in the first five months of this year, the total social consumer retail sales in Nanjing reached 356.86 billion yuan, a year-on-year increase of 10.0%, and a year-on-year increase of 42.7% compared to the same period in 2019. Among them, categories such as accommodation and catering have grown rapidly. From the data, it can be seen that compared with the same period in 2019, the total retail sales of social consumption in Nanjing increased by 42.7%, which can be described as strong and explosive.

Stabilizing prices and promoting consumption: In the first half of the year, the prices of clothing, food, housing, and transportation remained stable

After understanding the hottest cultural and tourism market consumption in the first half of the year, let's broaden our horizons and take a look at the overall situation of the consumer market. We know that there are many factors that affect people's willingness and intensity of consumption, but price is undoubtedly the most sensitive. Maintaining stable and moderate market prices is beneficial in stimulating people's sustained willingness to consume. So, what is the overall price level of "clothing, food, housing, and transportation" in China in the first half of this year? Just this week, the National Bureau of Statistics released the statistical data for the first half of the year. Let's take a look together.

In the first half of this year, clothing prices generally showed a mild upward trend, with the months with faster price increases concentrated from March to May, mainly driven by the recovery of mass consumption and the need to purchase seasonal clothing. From the perspective of the industry itself, in the context of promoting consumption and expanding domestic demand in various regions, the recovery of the consumer goods manufacturing industry is significant. According to data released by the National Bureau of Statistics, the profits of the leather shoe and textile clothing industries increased by 1.05 times and 47.0% year-on-year in May, respectively.

Smooth production, transportation, and sales. Vegetable prices are gradually stabilizing and meat prices are showing a downward trend

In recent years, China has continuously expanded its investment in the production, storage, and transportation of vegetables. The "green channel" policy for the transportation of fresh agricultural products has been continuously implemented, and the production, transportation, and sales of vegetables have become increasingly smooth. Fresh vegetable prices have gradually fallen since February. After June, due to weather conditions, vegetable prices have increased slightly, but overall supply is sufficient and will gradually stabilize in the future. In the first half of the year, pork production capacity was relatively high, and meat prices showed a monthly downward trend. At the end of June, the national average pig to grain ratio was lower than 5:1, and the country promptly launched the second batch of central pork reserve collection and storage work within the year. It is expected that in the third quarter, as the temperature drops and consumption increases, pig prices are expected to gradually rise, but the upward space is limited, and the overall price trend will still be stable.

Introduce measures to provide policy support for the healthy development of the rental market

Since the beginning of this year, relevant departments have successively introduced multiple policy measures to support the development of the housing rental market. Cities such as Beijing and Shanghai have also successively introduced housing rental regulations to protect the rental needs of "new citizens" and young people from a legislative perspective, providing policy support for the healthy development of the rental market. Overall, rent prices are expected to remain stable throughout the year.

Transportation prices show a decline, and postal service prices remain stable

Since the beginning of this year, China's production of gasoline, diesel, and new energy vehicles has steadily increased. Various automobile consumption promotion activities have been carried out in various regions, and the active second-hand car market has been continuously implemented, resulting in a downward trend in transportation prices this year. In terms of transportation and communication prices, postal service prices have remained stable, with monthly increases of around 0.2%.

Continuous optimization of consumption structure driven by new demands and upgrading of consumption

What are the new findings on the total consumption and consumption structure of the whole society in the first half of the year by analyzing the consumption data? Take a look at the expert's interpretation.

From this year-on-year trend chart of the total retail sales of consumer goods in China in recent years, it can be seen that in the first five months of this year, the cumulative total retail sales of consumer goods reached 18.76 trillion yuan, an increase of 9.3% year-on-year. Experts say that compared to before, the total consumption of Chinese residents has been returning to normal levels since the first half of the year.

Zhao Yue, Chief Economist of Hong Kong Wealth Management Securities: The growth rate of retail sales has increased this year. There is a reference to the impact of a low base in the same period last year. However, even after deducting it, we can still see that the consumption situation reflected by the actual total retail sales of goods in society has basically returned to normal. The catering industry, which was previously heavily affected, has also seen significant improvement.

Since the first half of the year, many popular products have emerged in various regions, with diversified new consumption scenarios and models, stimulating new consumer demand. Not only that, consumption in areas such as transportation, education, and medical services has also continued to grow, all of which are intuitively reflected in the changes in consumption structure. Experts say that the proportion of service-oriented consumption has increased overall, reflecting the increasing demand for high-quality and personalized consumption among consumers.

Professor Peng Siqing from the Marketing Department of Guanghua School of Management, Peking University: The consumption structure of residents is changing, and it is undergoing transformation and upgrading. Unlike general physical consumption, service consumption may rely on a better ecosystem and system. It is a chain, and as the proportion of service consumption continues to increase, it is actually very helpful for the improvement and upgrading of China's industries, such as the tertiary industry service industry itself.

Building a 15 minute convenient living circle, making consumption more convenient and comfortable

After understanding the total social consumption and its structure in the first half of the year, let's now explore some measures to promote and enhance consumption. Among them, the three-year action plan to comprehensively promote the construction of a 15 minute convenient living circle in cities, which was released this week, can make people's consumption more convenient and comfortable. As of the end of June this year, China has built a total of 2057 convenient living circles, serving 42.01 million community residents. The 15 minute convenient living circle refers to the priority allocation of basic support industries such as shopping, catering, housekeeping, express delivery, and maintenance within a 5-10 minute walk at the doorstep of residents, making consumption more convenient. Developing quality enhancing businesses such as culture, entertainment, leisure, socializing, wellness, and fitness within a 15 minute walk around residents' homes, to make consumption more comfortable.

The three-year action plan proposes the "Six Ones", which means developing "one store, one morning", supplementing "one dish, one repair", and serving "one elderly and one young". Among them, "one store" refers to convenience stores, and "early morning" refers to breakfast shops. By promoting more chain and branded convenience stores and breakfast shops into the community, it can meet the basic needs of daily life that can be purchased within a 15 minute walk; "Yicai" refers to a vegetable market that needs to be renovated and improved according to certain standards, focusing on environmental, hygiene, and quality control. "Yixiu" mainly refers to daily services such as key matching and shoe repair; The service of "one elderly and one young" refers to elderly health care, while "young" refers to childcare. By building and improving relevant service facilities, we can solve everyone's "worries". The plan also proposes a series of safeguard measures. In terms of policy guarantees, it is proposed to include supermarkets, convenience stores, vegetable markets, etc. in the system of ensuring people's livelihood and emergency supply, and to include intelligent express boxes, comprehensive service facilities for express delivery terminals, etc. in public service infrastructure. Encourage the exploration of community fund models, standardize operational management, and guide social capital participation.

Expert interpretation: How to further promote economic development through consumption?

With the mild economic recovery in the first half of the year and further efforts in a new round of stable growth measures, what measures should be taken in the second half of the year to further promote consumption and future economic development? Let's listen to Professor Peng Siqing's interpretation from the Marketing Department of Guanghua School of Management, Peking University.

Professor Peng Siqing from the Marketing Department of Guanghua School of Management, Peking University: We need to use more new technologies, explore more new consumption scenarios, and apply new consumption models to provide consumers with a better and updated experience and enjoyment. To reassure consumers, it is necessary to ensure excellent quality of various products and services, and to connect all aspects of consumption, so that consumers can be very happy during the consumption process. I think these are all things we should do to have a better and higher quality consumption in the future.