CPC (China’s Communist Party) & The State Council unveiled Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035) last week. It explains that China will be concentrate on domestic demand and consumption in the future, because consumption is the major engine to promote the economic development, and this is key to the nation’s long sustained high-quality GDP growth.
While China is facing a lot of challenges, the key message of economic experts is that rebalancing toward a more consumption-based model will boost growth prospects in the short term and deliver high-quality expansion in the long run.
Zhejiang’s original party chief Yuan Jiajun was appointed party chief of mega city Chongqing, a municipality of China. Before taking over in Chongqing, Zhejiang’s economy was showing explosive growth under his watch. Outsiders believe that Yuan would copy Zhejiang’s economic model to Chongqing, that’s digital economy and consumptive type economy mainly, in fact a current Chongqing’s government document has already confirmed this.
Digital transformation and promoting consumption have become important measures of the government for economic reform. Chongqing a megalopolis with a population of 30 million, has a huge consumer market. Ma Shang Consumer Finance Group (MSCF), the TOP1 digital financial group in Chongqing, not only supports many local enterprises in digitalization, but also drives consumption development through its own business.
Zhao Guoqing, CEO of MSCF, said that under the background that Chongqing was selected by authorities to build into an international consumption center. We need to maximize the role of consumer finance in fostering new consumption, and competent departments and market entities should work together in two aspects.
On the one hand, we should grow more data-based. By strengthening the application of new technologies, accelerating the digitalization of consumer finance, and meanwhile ensuring data security.
On the other hand, we need to boost financial inclusion. Consumer finance is an important sector in promoting economic development. We will explore and roll out a series of strategies to promote consumption, giving impetus to the revitalization of the Chinese market.
As for the key of policies. Zhao thinks that a shift to a more consumption-based growth model will get China closer to the economic goals and make Chinese people achieve common prosperity.
Together, policies focusing on economic rebalancing would make sure that sustained high-quality growth is achievable and more durable. This would not only benefit China, but also the world.
Company Name: MSCF
Contact Person: Cai Dongyang
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