A: Thank you for your question. Recently, MOFCOM, in collaboration with relevant departments, issued the implementation guidelines on expanding and upgrading consumer goods consumption, which sets out the guiding principles, basic principles and overall objectives for promoting goods consumption during the 15th Five-Year Plan period and puts forward 20 specific measures. The guidelines have three highlights:

First, synergy between supply and demand. To expand and upgrade goods consumption, efforts must be made on both the supply and demand sides. On the supply side, we will strengthen technological R&D, improve the standards system, enhance brand building and increase the supply of quality products. On the demand side, we will remove unreasonable restrictive measures in automobile distribution and consumption, make good use of interest loan subsidies for personal consumption loans and diversify financial products and services to sustain the expansion of demand for goods consumption.

Second, a category-specific approach. Different categories of goods are at different stages of development and have different characteristics and trends, which calls for category-specific and targeted policy measures. For example, for durable consumer goods such as automobiles, home furnishings and household appliances, the focus is on smoothing the entire consumption chain and improving supporting services. For daily consumer goods such as food and beverages, textiles and apparel and cultural and sports products, the emphasis is on quality improvement, diversified options and safety assurance. In addition, we will focus on growing consumption of green, smart and healthy products to better meet the demand for consumption upgrading.

Third, focus on key demographic groups. Different groups have differentiated consumption needs. For the elderly, we will promote products such as exoskeleton robots, smart mattresses and health monitoring devices. For children, we will encourage enterprises to develop and produce products that are greener, smarter and safer. For young people, we will promote the consumption of domestic “trendy” products, 3D-printed products, IP derivatives and others, so as to unlock the potential of personalized consumption at a faster pace.