The Ministry of Commerce will take six key measures to promote consumption. On July 22, Zhu Xiaoliang, Director of the Department of Market Operations and Consumption Promotion of the Ministry of Commerce, stated at a press conference held by the State Council Information Office that the next step for the Ministry of Commerce is to implement six key measures to boost consumption: First, further improve consumption promotion policies and measures. Second, enhance urban consumption service functions. Third, intensify efforts to expand the rural market. Fourth, expand the growth space of traditional consumption. Stabilize large-scale consumption such as automobiles, home appliances, and furniture, and promote faster and better recovery in the catering market. Fifth, accelerate the development of new forms of consumption. Sixth, create a strong consumption atmosphere.
[Comment]: Due to the impact of the pandemic, consumer demand has remained weak, and the performance of the consumer sector this year has mostly been poor. Apart from national policy support, the restoration of economic fundamentals is the most critical factor, because people need money to spend.
Kuaishou Expands into E-commerce
At the 2021 Kuaishou E-commerce Service Providers Conference held in Hangzhou, Xiao Gu, head of Kuaishou's e-commerce division, outlined three key phrases for Kuaishou’s e-commerce strategy in 2021: building trusted e-commerce, expanding brands, and empowering service providers. Kuaishou E-commerce announced the launch of the 'Windmaker Plan,' which aims to invest billions of yuan and provide hundreds of billions of traffic to develop an ecosystem of 100 service partners with an annual GMV of 1 billion yuan and 200 service partners with a GMV exceeding 100 million yuan.
[Comment]: With the development of live-streaming e-commerce, consumer trust mechanisms are evolving from 'trust in platforms' to 'trust in merchants,' leading to a restructuring of the consumer transaction ecosystem and an expansion of e-commerce scope. According to Kuaishou's financial report data, in Q1 this year, the platform facilitated GM...