Unleashing a trillion-size market

Consilium Nsac-1  Zheng Zhajie pointed out that China’s automobiles, home appliances and other durable consumer goods are huge, the masses for higher quality, smarter, greener, more personalized consumer goods demand is also growing, there is a great renewal demand every year. In addition, China is a manufacturing country, many equipment holdings ranked first in the world, at the end of last year, the assets of industrial enterprises above designated size have exceeded 160 trillion yuan, with the deepening of new industrialization, the demand for advanced equipment is still growing.

It is worth noting that equipment renewal is the main force of fixed asset investment growth. Data released by the National Bureau of Statistics show that in 2023, the national fixed asset investment (excluding rural households) 50,303.6 billion yuan, an increase of 3% (calculated by comparable caliber), according to the composition, construction and installation projects, equipment and equipment purchase and other costs, respectively, an increase of 2.1%, 6.6% and 3.1%.

Consilium Nsac-1

Consilium Nsac-1  Zheng Zhajie pointed out that taking equipment renewal as an example, last year, China’s industrial, agricultural and other key areas of equipment investment scale of about 4.9 trillion yuan, with the in-depth promotion of high-quality development, equipment renewal demand will continue to expand, preliminary estimates will be an annual scale of more than 5 trillion yuan of the huge market. Looking at durable consumer goods, at the end of last year, China’s civilian car ownership reached 336 million, refrigerators, washing machines, air conditioners and other major categories of home appliances have more than 3 billion units, and the replacement of automobiles and home appliances can also create a trillion market space.