Economy

New Trends in Stabilizing Growth and Promoting Consumption from Local Two Sessions

2026-02-12   

In recent days, various provinces, regions, and cities have successively held the Two Sessions. Through the work reports of local governments and the outline of the 15th Five Year Plan, what new trends will emerge in the fields of economy and consumption in the next five years? What new benefits will ordinary people face in terms of increasing income, reducing burden, upgrading consumption, and improving quality of life? Stable growth: Cultivating new quality productive forces and new growth points. The Guangdong Provincial Government's work report proposes that the regional gross domestic product will grow at an average annual rate of about 5% during the 15th Five Year Plan period, and significant results will be achieved in high-quality development. Jiangsu Province has listed "continuing to lead in high-quality development" as the main goal of economic and social development during the "15th Five Year Plan" period, and has specified that the regional GDP will grow at an average annual rate of about 5%, and the overall R&D investment in society will grow at an average annual rate of about 7%. Shandong, which aims to become the first province in northern China to achieve a gross domestic product (GDP) of over 10 trillion yuan by 2025, proposes that during the "15th Five Year Plan" period, the important role of the northern region as an economic growth pole will be more prominent. Some central and western provinces have also set steady growth targets during the 15th Five Year Plan period. Guizhou Province has clearly stated that the potential for economic growth has been fully unleashed, with an average annual growth rate of around 5% in the province's gross domestic product, reaching a level of 3 trillion yuan, and a per capita gross domestic product of over 80000 yuan. Chongqing has proposed to strive to reach a new level of 4 trillion yuan in regional GDP and 140000 yuan per capita GDP by 2030. Based on their own functional positioning, each region clarifies development goals and refines development measures, which is conducive to promoting economic structural transformation and upgrading, enhancing regional development competitiveness, consolidating long-term growth foundations, and effectively stabilizing expectations and boosting market confidence. ”Bo Wenguang, Vice Dean of the Binhai Development Research Institute at Nankai University, said. To achieve stable economic growth, various regions are actively cultivating new quality productive forces and new economic growth points. For example, Jiangsu Province has clearly stated that it will coordinate efforts to increase capital and expand production of high-quality enterprises, strengthen characteristic advantageous industries, address shortcomings in technological research, cultivate future industries, and build a number of world-class advanced manufacturing clusters. Shaanxi Province mentioned that in the next five years, we will comprehensively promote the upgrading of traditional industries, the growth of emerging industries, and the layout of future industries, cultivate new growth points in the industrial chain cluster, and strive for an average annual growth rate of about 6.5% in the added value of industries above designated size, with the proportion of added value of core industries in the digital economy reaching 9.5%. Hubei Province stated that it will accelerate the reconstruction of the development model of "domestic demand led, consumption driven, and endogenous growth" and the dual wheel drive of "technological innovation and institutional innovation" to continuously enhance its economic strength, technological strength, and comprehensive competitiveness. Dong Yadong, a representative of the Hubei Provincial People's Congress and deputy director of the Operations Management Department of Hanjiang Water Resources and Hydropower (Group) Co., Ltd., said that these measures to stabilize growth take into account both current development and long-term support, coordinate major strategic and livelihood projects, and suggest accelerating the preparation of a comprehensive government investment plan, rolling out a list of private investments, promoting "dual" and "two new" financial support, improving the integrated mechanism of investment, construction and management, and supporting high-quality development with high-quality investment. Increasing income: Investing in people, serving people's livelihoods, and taking solid steps towards promoting common prosperity for all people is an overall requirement for economic and social development during the 15th Five Year Plan period. Making the people's "wallets" more prosperous has also become an important focus of planning and implementing policies in various regions. Zhejiang Province has proposed that during the 15th Five Year Plan period, the development gap between urban and rural areas, the gap between urban and rural residents' income and actual consumption level will be further narrowed, the per capita disposable income of residents will reach about 90000 yuan, the urbanization rate of permanent residents will reach about 78%, and the people's sense of gain, happiness, security, and identity will be further enhanced. Tianjin proposes to continuously implement the People's Livelihood Project, promote high-quality and full employment, and increase the income of urban and rural residents. Shaanxi Province mentioned accelerating the implementation of the residents' income increase plan, tapping into the potential of the service industry, expanding emerging industries, and creating new employment opportunities through future industry job creation, continuously expanding the size of the middle-income group, striving for steady and rapid growth in residents' income, and synchronously improving labor remuneration and labor productivity. In addition to "increasing income", various regions have also simultaneously made efforts to "reduce burden" and effectively alleviate the rigid expenditure pressure on the masses. Hainan Province proposes to invest more policies, funds, and resources in people and serve their livelihoods, strengthen the construction of inclusive, basic, and bottom line livelihood, and solve the urgent, difficult, and worrying problems of the people. Gansu Province proposes to promote more financial resources to invest in people and serve their livelihoods. Shanghai proposes to increase efforts to ensure and improve people's livelihoods, allocate the best resources to the people, provide high-quality services to the people, improve the social security system, perfect the income distribution system, and promote more inclusive, high-quality, and diverse public services such as employment, housing, education, health, and elderly care. Zhang Yantang, a member of the Gansu Provincial Political Consultative Conference and Secretary of the Party Committee and Director of the Village Committee of Gancheng Township Fumin New Village in Gulang County, Wuwei City, said that the work report of the Gansu Provincial Government and the outline of the "15th Five Year Plan" have clearly defined the specific goal of positive growth in per capita disposable income of urban and rural residents, reflecting the concern for the people. Looking forward to the accelerated implementation of policy dividends, on the one hand, it will broaden the path for people to increase their income, and on the other hand, reduce the daily burden on the masses, making everyone's lives more prosperous and their hearts more secure. Promoting consumption: promoting "emotional consumption" and "scenario consumption". Reviewing the work reports of local governments and the "15th Five Year Plan" outline, vigorously boosting consumption has been repeatedly mentioned, and many regions actively cultivate new consumption hotspots, promoting the acceleration of "emotional consumption" and "scenario consumption" to break through the circle and form new highlights. In the "15th Five Year Plan" period, Tianjin city mentioned its main goals and key tasks, which are to adhere to the close integration of benefiting people's livelihoods and promoting consumption, investing in goods and investing in people, deeply integrating into the unified national market, and vigorously boosting consumption. In terms of specific measures, Tianjin will encourage the development of companion economy and parent-child economy oriented towards "one elderly and one small", and support the high-quality development of emerging industries such as "emotional economy" by market forces. Guangxi has made it clear to improve the consumption capacity of urban and rural residents through multiple channels, expand the supply of high-quality consumer goods and services, tap into the potential of "emotional consumption", and cultivate and strengthen new types of consumption. In addition, Hunan and other regions are also using a combination of policies to vigorously boost consumption. Shen Yumou, Director of the Department of Commerce of Hunan Province, said that today's consumption is undergoing profound changes: from material consumption to spiritual consumption, from survival oriented consumption to development oriented consumption, from pleasing people oriented consumption to pleasing oneself oriented consumption. Many consumers are more willing to "pay for emotional consumption and meaning". As a practitioner deeply involved in the fields of new consumption and cultural tourism, Liu Hailong, a representative of the Hunan Provincial People's Congress and co-founder of Hunan Wenheyou Crayfish Co., Ltd., said: "The core of deep integration of cultural and tourism businesses is to provide a carrier for culture, a scene for tourism, and an experience for consumption, which are interrelated and mutually beneficial. Landmark cultural and tourism projects are an important link connecting cultural core, tourism flow, and consumption transformation, and are the core carriers for activating urban consumption vitality

Edit:He Chuanning Responsible editor:Su Suiyue

Source:Xinhua

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