南京的德基广场凸显了中国消费的两极分化。2023年它实现约250亿元人民币（约合35亿美元）销售额，成为中国乃至全球最赚钱的购物中心之一，而大多数商场依然门可罗雀。

全国范围内消费情绪低迷，10月社会消费品零售总额增速已连续第五个月放缓，但决策者认为高额超额储蓄反映的是获取优质商品和服务渠道不足导致的“潜在需求”。他们在11月26日公布的提振消费方案几乎全部聚焦供给端，强调打造更“沉浸式”的购物空间、更可爱的商品以及更便捷的社区与商场连接，而非直接刺激需求。

不少经济学家反驳称，真正的拖累在于就业疲弱和房地产下行等结构性压力，而不是供给质量不足。朱天建议推出约4万亿元人民币的消费刺激，否则当局只会继续依赖偏向制造业的政策和像德基那样拥有六层“网红厕所”的华丽商场，表面热闹之下居民消费仍将低迷。

I'm looking at how retail sales are slowing down as consumer sentiment remains weak. This slowdown has persisted for five months, but policymakers are talking about “latent demand,” suggesting that people want goods they can’t access due to supply issues. They're focusing on creating more experiential malls with better connections to residential areas. However, economists are arguing that the real problems are weak employment and a property slump, calling for significant consumer stimulus to boost spending.

I’m looking at how Deji Plaza in Nanjing shows the disparity in consumption across China. It generated around 25 billion yuan ($3.5 billion) in sales, making it the top-grossing mall in China and maybe even the world. Despite this, retail sales nationally have slowed for the fifth straight month, with policymakers claiming there's “latent demand” hindered by limited access to goods. In contrast, economists highlight structural issues, like weak employment and a declining property market, as the main obstacles to consumer spending.

Deji Plaza in Nanjing illustrates China’s uneven consumption. In 2023 it generated about 25bn yuan ($3.5bn) in sales, making it the highest-grossing mall in China and possibly the world, even as most malls remain subdued.

Source: Can golden toilets fix China’s economy?

Subtitle: Communist Party officials think so

Dateline: 12月 04, 2025 07:24 上午 | Nanjing