The Third Plenary Session of the 20th Central Committee of the Communist Party of China has made comprehensive arrangements to accelerate the cultivation of a complete domestic demand system, requiring to improve and expand the long-term consumption mechanism. Since the beginning of this year, a series of policies to expand domestic demand and promote consumption have continuously exerted force and shown results, and consumption potential has been continuously released. In the first half of the year, the final consumption expenditure contributed 60.5% to economic growth, driving GDP growth by 3.0 percentage points and providing strong support for economic recovery and improvement. However, the GDP growth rate in the second quarter fell back, and the total amount of social assets decreased by 4.5% compared to the same period last year. At present, the consumption confidence of Chinese residents continues to diverge, the consumption expectations are cautious, and the consumption potential has not been fully released. It is urgent to cultivate and strengthen new growth points in consumption, and promote the quality improvement and expansion of the consumer market. The economy eight hours away has evolved from a simple taste economy to an audio-visual economy and then to an experience economy. Immersive, interactive, and artistic economic models continue to emerge, becoming important measures to expand domestic demand and promote consumption.
Meanwhile, this article proposes the following suggestions.
1. Cultural empowerment. Enhance the innovation mechanism of expanding domestic demand and promoting consumption.
2. Digital empowerment. Improving the service mechanism of expanding domestic demand and promoting consumption.
3. Management empowerment. Improve the incentive mechanism of expanding domestic demand and promoting consumption.
