Consumption Upgrade Consumption has become the first driving force for China's economic growth 02 01 03 DPI Growth Rate is Surging Rural Huge Potential in Higher than GDP Consumption Service Consumption The Disposable Personal Income(DPI) The expenditure of residents for The number of migrant workers for per urban citizen has increased, service consumption has increased has decreased sharply, while the its growth rate has always been significantly, while the commodity number of local migrant workers significantly higher than the GDP consumption has been relatively rebounded. growth rate. decreased. In third-tier and forth-tier cities, the population of middle class grows significantly Accommodation Commodity Consumption(Food, Service consumption Apparel) GDP(constant price, on season-on-season basis) Dominant income ratio (right axis) Per capita disposable income of urban residents: cumulative on year-on-year Source: Wind, Suning Institute of Finance Source: Wind information, Suning Institute of Finance