Liu Yuanchun of Shanghai University of Finance and Economics: China is now in a critical period of consumption upgrading | China Development Forum

WealthCoffee · 2026-03-22T14:57:51+00:00

China is at a critical period of consumption upgrade, with per capita GDP exceeding the world average, and consumption trends are shifting from necessities to spiritual and entertainment levels. New technologies and scenarios are driving the emergence of new consumption orientations toward instant gratification, emotional, and value-based consumption.

WealthCoffee

2026-03-22 14:57:51

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【Caixin News】 China has reached a critical period of consumption upgrading and should create new scenarios on the supply side.

During the session of the China Development High-Level Forum 2026 Annual Conference on “New Trends and Opportunities in Consumption Growth” held on March 22, Liu Yuanchun, President of Shanghai University of Finance and Economics, pointed out that China’s per capita GDP reached $12,500 in 2021, surpassing the world average for the first time. By 2025, China’s per capita GDP is expected to reach $13,950, which means consumption will shift from necessities to spiritual, enjoyment, and growth aspects.

Currently, due to the emergence of new technologies and new scenarios, consumption has also shown new trends such as instant consumption, emotional consumption, and value-based consumption.

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