China: China’s 15th FYP for Expanding Consumption — Supply-Side Push, Demand-Side Constraints

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China: China’s 15th FYP for Expanding Consumption — Supply-Side Push, Demand-Side Constraints

Goldman Sachs China

Exhibit 1: The 15th FYP for expanding consumption leans heavily toward supply-side

enhancements

Major Categories 15th Five-Year Plan for Expanding Consumption

Services Consumption

Develop regional catering brands, food clustering zones,

Living services

snack industry clusters and high-quality hotel brands

Improve elderly care services and promote the silver

Elderly care

economy

Childcare Develop an inclusive childcare system

Deepen the integrated development of "cultural tourism + all

Culture / Tourism

industries"

Health Strengthen retail pharmacies and healthcare products

Support hosting sporting events and development of health

Sports

centers

Education Improve quality of education and training

Goods Consumption

Increase supply of upgrade housing and steadily advance

Durables urban village redevelopment. Expand auto consumption and

support intelligent upgrading of home appliances.

Promote consumption of agricultural products and

Daily consumer goods

innovation in daily-use products

Enhance innovation across supply chains of consumer

Tech goods. Expand the supply of high-quality new consumer

goods.

Develop Chinese domestic brands and promote integration

Branding

of cultural elements into brand building

New Consumption Formats

Deepen the promotion of "AI + consumption". Expand

supply of next-generation smart terminals, including AI-

Digital

powered smartphones. Use AI and VR to empower

services

Strengthen production and promotion of green, low-carbon

Green

products and build green supply chains

Hold first-launch and inaugural-exhibition events. Develop a

First-launch economy

number of industry leaders for the first-launch economy.