Looking ahead, he believes China's next phase of growth will be characterized by a shift from industrial output to stronger consumer demand. “We have always relied on industrial output for GDP growth, but as we continue to boost local consumption, there's a lot of room for growth,“ he said.

　　On prospects for 2025, Wang Yun, deputy director of the Xi Jinping Thought on Economy Study Center, said she believes it is advisable to implement targeted actions to further stimulate consumption, with a focus on closely combining boosting consumption with improving people's livelihoods.

　　“We should work to ensure stable growth in households' incomes, improve the normal wage growth mechanism for workers and increase support for specific groups,“ she said. “Meanwhile, we should increase direct fiscal spending on final consumption, drive greater strides in equipment upgrades and trade-in deals for consumer goods and optimize the subsidy issuance process.“

　　Wang added that more efforts should be made to cultivate new consumption formats such as digital and green consumption and innovate diversified consumption scenarios. “We should actively develop emerging sectors such as the debut economy, ice-and-snow economy and silver economy, enhancing the supply-side adaptability to medium and high-end demand.“