中国消费者令经济学家惊讶.pdfVIP

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ECONOMYPOLICY经济与政策

China’sConsumersAreSurprising

Economists.Meetthe‘Bifurcated

Shopper.’

中国消费者令经济学家⼤为惊讶。

认识⼀下“分化型消费者”。

Sept21,2025,12:30amEDT2025年9⽉21⽇，东部时间凌晨12:30

LocalgovernmentsinChinanowencouragecitizenstostayoutlate—and

spend.Here:nightshoppinginChengdu.-Dreamstime

中国各地地⽅政府现在⿎励市⺠熬夜外出——并消费。图为：成都的夜间购物。-

Dreamstime

若有侵权，请联系删除。V:qxcaijing2024

China’sshoppersaren’trushingbacktothemalls,buttheyare

stillbuying—justnotinwayseconomistsexpected.InChengdu,

oneofficeworkersayssheskippedsummerfashionpurchases

butshelledoutforanewwashingmachine.InWuhan,afather

sayshisfamilycutdownonrestaurantmealsformonthstosave

upforavacationabroad.

中国的消费者并没有蜂拥重返商场，但他们仍在消费——只是⽅

式并⾮经济学家所预料的那样。在成都，⼀位上班族表⽰她没有

购买夏季时装，但花钱买了⼀台新洗⾐机。在武汉，⼀位⽗亲说

他的家庭⼏个⽉来减少了外出就餐，以便攒钱去国外度假。

China’sleadersarerunningoutoftraditionaltoolstoliftgrowth.Infrastructure

spendingisburdenedbydebt,thepropertymarketremainssluggish,and

householdsarewaryofbig-ticketpurchases.Localgovernmentsnowencourage

citizenstostayout—andspend.Chengdu,Guangzhou,andWuhanhaveall

issuedpolicypackagestoboostnighttimeactivity,rangingfromtaxbreaksfor

restaurantstodedicatedlate-nightshoppingfestivals.

中国领导层⽤来提振增长的传统⼯具已所剩⽆⼏。基建⽀出受债务拖累，房地产

市场依然疲软，家庭对⼤额消费持谨慎态度。地⽅政府现在⿎励市民外出消费。

成都、⼴州和武汉都出台了促进夜间活动的政策组合，涵盖从餐饮税收优惠到专

门的夜间购物节等措施。

TheMinistryofCommerceestimatesthatafter-darkconsumptionaccountsfor

roughly30%ofurbanretailsales,ashareofficialswanttoraise.Lastmonth,

Beijingdesignated300“nationalmodelnightdistricts,”spanningbars,cinemas,

andsna