Phoenix Finance reported that the "2022 Phoenix Finance (Summer) Summit," hosted by Phoenix Network and organized by Phoenix Finance, with exclusive strategic cooperation with BlueFlower, was successfully held from June 16 to 18. With the theme "Tomorrow's World," the summit invited nearly 60 top guests from the political, business, and academic fields at home and abroad to interpret the world under significant changes and the path of China's economic growth.

Mr. Song Xiangqian, Founder and Chairman of Harvest Capital, delivered an important speech in the keynote session on "Unmissable Opportunities: Investing in China & Chinese Investments."

Song Xiangqian mentioned that in the past two years, there has indeed been a serious bubble situation in the new consumption sector. Therefore, the current rationalization of the valuation of new consumption projects is very normal and healthy. The valuation of new consumption projects increased rapidly in the past two years, but the market performance during these years mostly did not meet expectations. So, the rationalization of the valuation in the new consumption sector is a normal situation.

Song Xiangqian stated that due to various factors, consumption experienced a significant decline in the first quarter of this year, especially in April, as evidenced by an 11% year-on-year decrease in the total retail sales of consumer goods. This situation will improve because it is influenced by the impact of pandemic prevention and control measures and the weakening of demand due to supply shocks. He is optimistic about the stabilizing and supporting role of future consumption in the middle of the Chinese economy, as well as the growth space and opportunities for future Chinese consumption. However, some structural factors need attention because consumption must improve residents' income levels. For Chinese consumption to have hope, people need to have money, be willing to spend, and enjoy spending. By stimulating consumption demand, it will ultimately contribute to GDP, improve the per capita income level of the Chinese population, and thoroughly enhance the expectations of the middle and low-income groups. China needs to implement the next real plan for doubling national income. Therefore, the future opportunities for Chinese consumption are expected to be very promising.