Consumption Expansion 15th Five-Year Plan to Be Released; Sub-Division Food Index Retreats 66% from Peak

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Media reports say China's first national-level five-year special plan dedicated to expanding consumption, the 15th Five-Year Plan, will be released soon. National Bureau of Statistics data shows retail sales of consumer goods fell 0.6 percent year-on-year in May and 0.38 percent month-on-month, the first decline since the end of 2022. Zhang Yu, chief economist at Huachuang Securities, believes the consumption sector has gradually entered a range with absolute returns, but the timing for a systemic shift has not yet arrived. In the medium to long term, policy hedging is needed to unleash huge potential. The CSI Sub-Division Food and Beverage Industry Thematic Index hit a new phase low on June 29, retreating 66 percent from its February 2021 peak, and has now been adjusting for six years. The largest ETF tracking this index is the Food and Beverage ETF Huaxia, with its feeder fund being the Huaxia Food and Beverage ETF Feeder C.

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