The central challenge for China is the relatively low share of household consumption in GDP compared to advanced economies. Although consumption has risen steadily — from around 35 percent of GDP in 2010 to approximately 40 percent in recent years — it remains the focus of policy intervention.

　　Platforms like Pinduoduo address this structural issue by targeting previously underpenetrated segments of the market. Its user base is heavily concentrated in lower-tier cities and rural areas, where income levels are low but consumption potential is substantial. By leveraging group-buying mechanisms and direct sourcing, the platform significantly reduces prices, enabling broader participation in consumer markets.

　　This model aligns with the new plan's emphasis on "common prosperity" and demand-side expansion. By lowering transaction costs and improving accessibility, such platforms effectively activate latent demand among millions of consumers. In doing so, they contribute to social stability while supporting macroeconomic rebalancing.

　　The dual circulation strategy is not limited to demand expansion; it also involves restructuring the supply. The 15th Five-Year Plan emphasizes industrial upgrading, technological self-sufficiency, and the development of new quality productive forces.

　　Here, the consumer-to-manufacturer (C2M) model plays a decisive role. By transmitting real-time demand data directly to producers, platforms such as PDD Holdings reduce inefficiencies in production and distribution. This leads to lower inventory levels, faster production cycles, and improved responsiveness to market trends.