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Consumption Revitalization as the Catalyst:Strategic Framework and Implementation Pathways for Holistic Domestic Demand Expansion
Wu Sa;Jiang Xue;Consumption functions as a vital ballast for economic growth,with domestic demand serving as its primary engine.Recent structural transformations reveal a dual transition:consumption has shifted from goods-dominance to integrated goods-services provision,while investment priorities have evolved from exclusive focus on physical capital ("investment in objects") toward balanced emphasis on human capital ("investment in people").This study examines China's evolving domestic demand landscape amid these shifts,analyzing emerging characteristics and development trends.Building on strategic experiences—including the people-centered approach,synergistic market-government integration,targeted reforms in critical sectors,and blended top-level design with local adaptation—the research proposes actionable pathways to amplify consumption's role in economic expansion.Core recommendations include:revitalizing consumption through quality upgrading and service-sector enhancement;optimizing investment efficiency with intensified human capital development;and strengthening policy coordination to stimulate demand-side momentum.These findings establish a framework for harnessing structural transitions to fortify domestic demand's growth-driving capacity.
Expanding Domestic Demand:A Vital Force for China's High-Quality Economic Development
Zhang Jun;This study examines China's economic policy response to the dual pressures of structural transformation and complex external conditions,where boosting consumption and expanding domestic demand have re-emerged as central policy priorities.Recognizing that past approaches are insufficient given the current development stage,the research investigates the significant potential of China's consumer market alongside persistent challenges:slowing household income growth,relative surplus of traditional consumer goods,and an underdeveloped consumption institutional framework.Analyzing the policy direction set by the 2024 Central Economic Work Conference—calling for "a more proactive fiscal policy" and " moderately accommodative monetary policy"—the study finds that fiscal policy is expected to increasingly target demand-side stimulus.Concurrently,a more accommodative monetary policy is anticipated,with credit precision-directed towards nurturing new quality productive forces in emerging industries.This represents a core strategy to enhance investment efficiency.Furthermore,deepening structural reforms focused on "human capital investment" is identified as crucial for unlocking the structural consumption capacity of China's 1.4 billion population.The study concludes that a dynamic policy mix,prioritizing strategic investment and human capital development,is essential for effectively expanding domestic demand under current economic constraints.
Activating New Drivers of Domestic Demand via Modern Producer Services
Liu Zhibiao;Wang Bing;This paper focuses on the impact of productive service industry on China's economic competitiveness.As domestic economic restructuring accelerates and the global economic environment shifts,the real estate and export sectors face declining momentum,prompting China to seek new industrial drivers.The development level of productive service industry is a key indicator of economic competitiveness.By comparing the manufacturing scale,technology intensity and added value between China and the US,the paper argues that modern productive service industry is the "invisible battlefield" determining the competitiveness of advanced manufacturing.The study recommends a systematic understanding of productive service industry,removing institutional barriers,and shifting central-led industrial policies from supporting capacity expansion at the downstream of the industrial chain to boosting productive service input at the upstream.This aims to make modern productive service industry a new growth driver and unleash new domestic demand potential.
Strategic Priority Domains and Implementation Pathways for Expanding Silver Consumption
Huang Shisong;Promoting silver economy consumption is critical for enhancing elderly well-being and serves as an effective strategy for expanding domestic demand and developing China’s aging-related economy.This study examines China’s policy evolution in stimulating senior consumption,tracing its progression from establishing basic social elderly care systems to implementing supply-side reforms for diversified needs,culminating in the current dual-track approach of enhancing welfare through coordinated supply-demand measures.Focusing on the 15th Five-Year Plan period,we identify four pivotal expansion domains:medical-care integration services driven by advanced aging,premium elderly services spurred by consumption upgrading,housing adaptation needs amid real estate transformation,digital accessibility solutions enabled by technological empowerment.Adopting a “demand activation--supply optimization--technology enablement framework,we propose such synergistic interventions as boosting seniors’ disposable income and asset liquidity,reconstructing age-friendly consumption ecosystems,mitigating intergenerational financial pressures,deepening technology-industry integration.These measures facilitate a dynamic high-level equilibrium between senior-oriented supply and demand,ultimately advancing China’s high-quality macroeconomic development.
Unlocking the Potential of County-Level Consumption:Exploring New Growth Frontiers
Chen Fangfang;ChenYingzi;County-level consumption has emerged as a critical driver for expanding domestic demand and fostering the new "dual-circulation" development paradigm in China.In recent years,it has undergone rapid transformation,becoming a promising frontier for consumption growth.This study identifies three key trends in county-level consumption:the expansion of service consumption to lower-tier markets,rapid innovation in niche markets,and empowerment of consumption by rural culture.These trends are underpinned by rising urbanization rates,improved infrastructure,the reverse migration of young adults and advancements in digital infrastructure.To further unlock the potential of county-level consumption,this study proposes policy recommendations,including strengthening top-level planning,accelerating population agglomeration,enhancing commercial facilities,promoting brand expansion into lower-tier markets,leveraging local cultural assets,and cultivating talents.These measures aim to expand and upgrade county-level consumption,thereby contributing to high-quality economic development.
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