游戏人生

Does China’s weak domestic demand really lead to excess capacity?: People's Daily_我的网站

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    A worker fulfills orders for energy-saving and environmentally friendly boilers destined for export in a manufacturing enterprise in Nantong, East China's Jiangsu Province on August 4, 2026. The enterprise offers products including industrial waste disposal equipment, with sales to more than 30 countries and regions. Photo: CNS PhotoIn recent years, some economies, anxious about their own industrial competitiveness and market position, have politicized economic and trade issues, taking turns to hype false narratives such as "China overcapacity" and a "China Shock 2.0," and using them as pretexts to roll out protectionist measures.
But what are the facts on the ground?
China's Ministry of Commerce recently released a document titled China's Position on the So-Called Excess Capacity Issue. Reviewing the evolution of the global capacity landscape from a historical perspective, it offers an objective analysis of how industrial subsidies, trade surpluses, economic imbalances and market competition relate to "overcapacity," sets out China's policy practices and the direction of its efforts, and puts forward China's ideas and proposals - a forceful response to the "China overcapacity" narrative. 
Plainly, the argument that "China's inadequate domestic demand gives rise to excess capacity" rests on a logical sleight of hand - it takes a localized phenomenon at the micro level of the market and applies it wholesale to the structure of the macroeconomy, a picture far removed from reality.
China is not only a major manufacturing power but also a major consuming power. Domestic demand has long been the main engine of the Chinese economy.
To see through the logical fallacy of the "overcapacity" narrative, one must first be clear about where the Chinese economy actually sits in the global landscape.
In the course of economic globalization, China has actively integrated itself into the international division of industrial labor and become the "world's factory" in the truest sense. Chinese manufacturing has enriched the global supply of goods, lowered living costs for consumers in countries around the world, and played an important part in easing global inflationary pressure. But to define China simply as a "producer" on that basis, and from there to conclude that it suffers from "inadequate domestic demand and overcapacity," is a proposition that does not hold water.
From 2013 to 2024, domestic demand contributed an average of 93 percent to China's economic growth, with consumption and investment accounting for an average of 55 percent and 38 percent respectively. China's total retail sales of consumer goods rose from 23.8 trillion yuan ($3.53 trillion) in 2013 to 50.1 trillion yuan in 2025, doubling in size.
Measured at the World Bank's purchasing power parity rates, China's total retail sales of consumer goods in 2025 were 1.7 times those of the US, making the country the world's largest market for consumer goods in all but name. China today ranks first globally in the physical volume of goods consumed, and its per capita annual consumption of some industrial products already approaches the levels seen in developed economies.
China keeps expanding its domestic demand and is working toward a higher-level balance between supply and demand.
Growth in China's total retail sales of consumer goods has slowed somewhat in recent years, and some have taken this as proof of weak domestic demand. That reading is neither objective nor complete.
A strong domestic market provides strategic support for Chinese modernization. The outline of China's 15th Five-Year Plan (2026-30) period devotes a dedicated part to building such a market, stressing the need to adhere to the strategic focus of expanding domestic demand, to expand effective investment, to further implement special actions to boost consumption, to promote the expansion and upgrading of commodity consumption, to unleashing the potential of service consumption, to strengthening the foundation of residents' consumption and to continuously improve the consumption environment - using new demand to guide new supply, and using new supply to create new demand, so as to promote a virtuous cycle between consumption and investment, and between supply and demand, achieve a higher level of dynamic balance between supply and demand.
The slowdown in retail sales growth is consistent with China's shift from high-speed growth to high-quality development, and it also reflects the upgrading of the country's consumption structure. China's consumer market is moving faster from one dominated by goods toward one in which goods and services carry equal weight. Spending on services is growing rapidly and is expected to account for more than half of the total by 2030.
China's super-sized market is not only the bedrock of its own development but also a broad platform on which countries around the world can share in the dividends of that growth.
China has ranked as the world's second-largest importer for 17 consecutive years and is a major export destination for nearly 80 countries and regions. It has granted zero-tariff treatment to 63 countries and regions, becoming the first major economy in the world to extend full zero-tariff coverage to every African country and every least developed country that has diplomatic relations with it. It is also the only country to host an international import expo, having staged eight editions of the China International Import Expo with cumulative intended deals worth more than $580 billion. Over the 14th Five-Year Plan period (2021-25) period, China's cumulative imports topped 90 trillion yuan. These facts and figures show clearly that China is not just the "world's factory" but, still more, the "world's market."
Looking ahead, China's middle-income group is set to exceed 800 million people within little more than a decade, and per capita GDP is expected to reach the level of a moderately developed country. With vast room for consumption and ample potential and vitality, domestic demand will remain the main engine of China's economic development and will keep injecting strong momentum into world economic growth.
This was compiled and translated by the Global Times English edition based on an article published in the "Chisu Jinsheng" economic commentary column of the People's Daily on August 6, 2026.
。    近日，由中国体育彩票倾力打造的“乐透开海狂欢夜”主题活动在广西防城港市白浪滩景区精彩亮相，正式登陆2026北部湾开海节暨白浪风情嘉年华系列活动。乐小星在活动现场受追捧。广西体彩 供图作为本次开海节的一大亮点，广西体彩中心聚焦“沉浸式体验”核心诉求，在白浪滩景区核心区域搭建起集品牌展示、趣味运动、即开型彩票体验于一体的综合性特色展区。活动当晚，展区现场氛围热烈、人气爆棚，成为景区内最受欢迎的打卡点之一。主舞台区域互动环节亮点纷呈，体彩知识问答、趣味运动挑战赛等节目轮番上演，吸引了大批游客踊跃参与。

二 | 无论是亲子家庭还是年轻群体，都在轻松欢快的互动中感受到体彩的活力与魅力。在舞台一旁的体彩体验专区同样人气满满。顶呱刮即开票体验区成为年轻游客的聚集地，大家驻足体验、刮出好运，在邂逅惊喜的同时，也直观感受到即开型彩票带来的即时乐趣。展区通过场景化的布置和互动化的设计，将体育彩票的品牌形象与滨海休闲消费场景有机融合，实现了公益传播与娱乐体验的双赢。值得一提的是，本次活动始终坚持“寓教于乐”的理念，将体彩公益知识普及与购彩反诈宣传巧妙融入各项趣味游戏环节。工作人员通过设置知识问答、互动闯关等环节，在轻松欢快的氛围中向大众传递“理性购彩、量力而行”的科学理念，引导公众树立健康的购彩观念，增强防范非法彩票的意识和能力。这种“润物细无声”的宣传方式，获得了现场参与者的一致好评。近年来，广西体彩中心持续深化“体彩+文体旅商”融合发展战略，积极探索体育彩票与文化旅游、体育赛事、商业消费的跨界联动路径。此次亮相北部湾开海节，正是这一战略思路的生动实践——不仅将公益品牌与滨海消费场景实现了有机融合，更以多元化的互动体验让“理性购彩、随手公益”的核心理念深入人心、广泛传播。通过将公益元素嵌入热门文旅IP，广西体彩成功拓展了品牌传播的广度与深度，也为地方文旅经济高质量发展贡献了体彩力量。据悉，2026北部湾开海节暨白浪风情嘉年华系列活动于8月14日至23日在防城港白浪滩景区持续举办。在此期间，“乐透开海狂欢夜”主题活动也将持续为游客带来丰富多彩的互动体验。（王辉）。

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Published on:19:14:51