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Understanding a Major Consumer Province Shandong's "1+N" Policy Framework

Source：Haibao News 06-09-2025 09:00:00

"Boosting consumption" is a high-frequency term and a key focus this year. Nationwide, consumption is the primary driver of economic growth, with a 1% increase in consumer spending linked to a 0.5–0.8 percentage point rise in GDP. From Shandong's perspective, the key to sustaining steady economic growth and achieving high-quality goals in the 14th Five-Year Plan is to amplify the role of consumption in driving economic development.

Shandong has prioritized boosting consumption by establishing a "1+N" policy framework. The "1" refers to the Implementation Plan for Boosting Consumption, while "N" represents ongoing efforts in key areas with significant consumption potential. These include promoting high-quality development of service consumption, ensuring stable industrial production, encouraging spending on elderly care services, boosting housing consumption, enhancing agricultural and rural consumption, revitalizing cultural and tourism consumption, promoting health-related consumption, optimizing the consumption environment for consumption, encouraging sports consumption, and expanding trade-in programs for consumer goods.