The increase in domestic consumption, the major contributor to China’s economic growth, is yet to recover to the pre-pandemic level. The government is trying to expand domestic demand by boosting festival, tourism, rural and green consumption. Both the government and economists recognize the importance of subsidizing low-income groups, especially those hit hard during the pandemic. Shares in companies which provide products and services for those with higher living standards, such as new energy vehicles and healthcare, are attractive to fund managers. Driven by online promotion platforms, new brands of food and drinks are embraced by young, middle-income urban consumers. But investors have become more cautious toward new brands than ever after some rose and fell too fast.