AI Data Insight
In the first half of 2026, China's per capita consumption expenditure for urban residents reached 18,071 yuan, an annual increase of only about 3.0%, indicating that the momentum of the consumption recovery remains weak. Against the backdrop of overall economic growth slowing to 4.3% in the second quarter—falling short of market expectations—a strong defensive savings mentality prevails among the public. Looking ahead, close attention must be paid to whether the new round of consumption-stimulating policies can reverse the unbalanced structure of "heavy on services, light on goods."