Source: Forbes China

On March 8, 2024, to recognize enterprises, institutions, and individuals who have made outstanding contributions to the consumer sector, Forbes China partnered with PwC, Frost & Sullivan, and the China Grand Consumption CXO Innovation Center to host the 2024 China Grand Consumption Annual Gala in Shanghai, presenting the "2024 Forbes China Grand Consumption Annual Awards" and "2024 Frost & Sullivan China Grand Consumption Annual Awards."

Mr. Alan Song of Harvest Capital was honored as "2024 Forbes China Grand Consumption Investor of the Year." Harvest Capital received the "2024 Frost & Sullivan Grand Consumption Investment Institution of the Year" award. Portfolio companies Laoxiangji, Xiaocaiyuan, and Laiyifen were recognized with "2024 Forbes China Grand Consumption Most Influential Chain" awards.

Mr. Alan Song of Harvest Capital Honored as 2024 Forbes China Grand Consumption Investor of the Year

Harvest Capital received the 2024 Frost & Sullivan China Grand Consumption Investment Institution of the Year award.

Portfolio companies Laoxiangji, Xiaocaiyuan, and Laiyifen received 2024 Forbes China Grand Consumption Most Influential Chain awards.

In recent years, as the global economic environment and industrial structure continue to evolve, and as China's consumption levels and consumption capacity steadily rise, the grand consumption industry—one of China's key pillar industries—continues to attract significant market attention.

According to data from the "2023 Statistical Communiqué on National Economic and Social Development" released by China's National Bureau of Statistics, in 2023, national per capita consumer spending reached RMB 26,796, representing a 9% real increase over the previous year. Consumption is gradually becoming the primary driver of economic growth, and how to create more diverse consumption scenarios to boost consumer confidence and promote household consumption has become a pressing topic.

At the event, Mr. Huang Qifan, Executive Vice Chairman of the Academic Committee of the China Association for Innovation and Development Strategy and former Mayor of Chongqing, stated that under the dual circulation framework, the importance of consumption is undeniable. Residents should be given greater disposable income to further increase consumption's contribution to GDP growth.