CITIC Securities: Restrictive measures in the consumer sector will be lifted, unleashing consumer spending power.

The Zhongxin Securities research report pointed out that clearing restrictive measures in the consumption sector is one of the policy levers to vigorously boost consumption in the next step. The report summarized the current restrictive measures in the consumption sector from nine aspects such as automobile consumption, housing consumption, restrictions on high-end consumption, new consumption constraints, import and export consumption restrictions, consumption tax burden, market access barriers, administrative intervention inspections, and personal leisure constraints, and made judgments on the potential direction of future policy evolution. The core of the policy lies in building a precise regulatory system of "classified supervision, inclusive prudence, and international convergence", by clearing unreasonable consumption restrictions in areas such as automobiles and housing, such as encouraging cities with purchase restrictions to relax vehicle purchasing restrictions, promoting the transformation of automobile consumption from purchase management to usage management, gradually relaxing real estate purchase restrictions and restrictions on foreigners purchasing houses, in order to unleash consumption vitality. At the same time, the policy focuses on the transformation and innovation of the consumption market. For high-end consumption, it shifts from simple "consumption management" to "industry cultivation" and "service upgrading", simplifies approval processes and reduces tax burdens to promote the rise of experiential consumption. For import and export consumption, by expanding duty-free shop settings and promoting "buy now, refund upon departure" tax refunds, consumption convenience will be enhanced, further boosting domestic and foreign consumption demands.