China Aims to Build Green, Smart and Health Consumption Markets by 2030

The Ministry of Commerce and six other departments recently issued the Implementation Opinions on Promoting the Expansion and Upgrading of Commodity Consumption, explicitly proposing the cultivation of green consumption, smart consumption and health consumption markets each worth RMB 10 trillion by 2030.

China has a super-large consumer market with a population of more than 1.4 billion, and its middle-income group continues to grow. Household consumption is gradually shifting from being dominated by commodity consumption to placing equal emphasis on commodity and service consumption. Within the consumption structure, the share of food expenditure is steadily declining, while the proportion spent on culture, sports and entertainment is rising steadily.

In recent years, the share of household spending on medical care, cultural entertainment and smart consumer goods has grown steadily, and changes on the demand side are accelerating their transmission to the supply side. Rising demand for home-based elderly care is driving rapid iteration of home monitoring devices and elderly-friendly home appliances. Cultural and tourism consumption is shifting from simple sightseeing to in-depth experiences, driving expansion and quality improvement in museum and cultural creative products and immersive performances. Automobile consumption is tilting toward intelligent driving, prompting carmakers to increase research and development in autonomous driving and interaction technologies.