Reference News website reported on April 8 that according to a report from the Hong Kong South China Morning Post website on April 7, Linda Wang (name transliteration), a 45-year-old enterprise manager in Shanghai, has had to cut expenses due to concerns about the economic outlook since last year.

But things have improved later. She not only received her salary on time but also received a bonus more generous than expected.

She decided to treat herself. In January this year, she bought an iPhone 16 and an annual card for Shanghai Disneyland.

The report stated that in recent months, as a series of measures taken by the government to stimulate the economy and promote consumption began to take effect, many consumers in major Chinese cities, like Linda Wang, are cautiously optimistic about the future.

China has made promoting domestic consumption its top priority, striving to make the economy more resilient amid the increasingly fierce Sino-US trade war, which has affected China's export industry.

According to reports, thanks to these policies, some consumers' willingness to consume has increased. Recent data from Deutsche Bank showed that Chinese consumer confidence is slowly recovering. Urban residents are more confident in their income expectations and are more willing to buy non-essential goods.

In a report released in March, Deutsche Bank said that 54% of respondents said their financial situation was better than a year ago. Meanwhile, the proportion of people expecting their income to increase rose for the third consecutive quarter, reaching 60%.

The report pointed out that in recent months, there has been a slight rebound in the real estate market in first-tier Chinese cities. Combined with supportive economic policies introduced by Beijing, market sentiment has improved slightly, benefiting households.

In addition, DeepSeek launched its breakthrough artificial intelligence model in January this year, drawing global attention to China's technology industry and driving up stock markets in Hong Kong and mainland China.

The report noted that recently, the Chinese government refocused on reviving private enterprises and expanding domestic demand, launching large-scale trade-in and subsidy programs, which greatly boosted sales growth of cars, home appliances, and electronic devices.

Gloria Zhang (name transliteration), a 20-something pharmaceutical industry professional in Shanghai, purchased a TV, a washing machine, and a smart doorbell. These preferential policies helped her save 15% to 20% of the cost.

Senior Economist Tianchen Xu of The Economist Intelligence Unit said that the key to long-term recovery lies in sustained policy efforts and timely transformation toward service consumption. He said, "Fortunately, the government will adjust policies flexibly based on economic conditions in mid-year."

The report pointed out that recently, China issued 30 measures aimed at boosting domestic consumption, indicating that the government hopes to achieve an economic shift toward consumption-driven growth through long-term structural reforms.

Analysts said this is the most comprehensive boost to consumption since the 1970s, with some measures targeting longstanding problems hindering residents' consumption. (Compiled/translated by Wang Dongdong)

Original article: https://www.toutiao.com/article/7490756380312519187/

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