要科学合理安排赤字、债务及支出政策，抓实化解地方债务风险，增强财政可持续性

要有所不为，最大限度减少政府对资源的直接配置和对微观经济活动的直接干预

财政资金向公共领域聚焦，向外溢性强、社会效益高的方面倾斜

推动更多资金资源投资于人、服务民生

通过民生改善打开内需增长新空间

立足全局出台“合预期”甚至“超预期”的政策措施

创造性运用超长期特别国债、财政贴息等手段

供给创造需求

支持建设现代化产业体系

又强化跨周期调节

和跨周期

三去一降一补

对关键领域和薄弱环节靶向发力，推动发展动能平稳接续转换

坚持不搞大水漫灌强刺激

要结合打击网络乱象，深入查找网络生态治理的薄弱环节，采取针对性措施固根基、补短板。

要坚持以正面声音、主流价值、时代新风

要加强对网络平台、自媒体和多频道网络机构的引导，促使其担负社会责任，自觉成为正能量传播者。

the key weakness in China’s consumption structure lies in services.

China’s share of service consumption still needs to increase, and the representation of service-sector firms among listed companies remains noticeably low

Since 2020, consumption growth in the A-share data has become more closely aligned with macro growth.

For a few categories—most notably automobiles and beverages—the relative growth performance of listed companies strengthened after 2020 compared with the macro benchmark.

During economic downturns, households rely more heavily on essential consumption, while in periods of recovery this dependence diminishes.

At the same time, although consumption in the grain & food category and the furniture category also weakened relative to the macro benchmark, their underlying dynamics differ: grain & food exhibits a clear counter-cyclical pattern, whereas furniture is strongly influenced by the real estate cycle.

overtaking automobiles to become the largest category in terms of revenue share among goods-related consumption.

it reflects a widespread increase in industry-wide revenue, indicating a genuine structural strengthening of essential consumption within this category.

Figure 3 shows that the revenue share of these firms increased notably after 2020—rising by 4 percentage points from 2019 to 2020—and has since remained above 25%. By 2024, its share is more than 5 percentage points higher than in 2015.

During the continued rise in essential consumption, the growth of the grain-and-food category stands out most prominently

Over the past decade, the share of discretionary consumption declined by roughly 5 percentage points, while the share of essential consumption correspondingly increased by about 5 percentage points.

In total, 493 firms across 11 categories can be effectively matched with retail statistics. The distribution is as follows: 176 in grain and food; 84 in apparel and textiles; 78 in household appliances and audiovisual equipment; 32 in tobacco and alcohol; 30 in furniture; 27 in daily necessities; 19 in automobiles; 14 in cosmetics; 14 in gold and jewelry; 11 in sports and entertainment goods; and 8 in beverages.

Starting in 2023, goods consumption declined while service consumption increased. In terms of absolute levels, goods consumption has consistently maintained a dominant position.

we also construct an alternative fixed sample consisting of 458 firms listed in or before 2020 (401 goods companies and 57 services companies).

we first select 296 companies that were listed in or before 2014 (250 goods companies and 46 services companies).

In terms of growth rates, differences between A-share-based consumption growth and macro-level consumption growth were larger before 2020 but have narrowed since then.

post-2020, consumption growth reflected by A-share companies has weakened relative to macro data and shows clear pro-cyclicality

has risen while discretionary spending has declined

since 2020, essential consumption

China’s consumption structure remains dominated by goods

A-share data is highly representative of goods consumption

Using revenue data from A-share consumer-sector listed companies