王一鸣：更好提振消费需要更多政策工具

Group 1 - The core issue currently is insufficient effective demand, and the most important way to expand domestic demand is to shift the development model from investment and export-driven to consumption and innovation-driven [1] - In May, the total retail sales of consumer goods increased by 6.4% year-on-year, marking the highest monthly level since 2024, supported significantly by the "old-for-new" consumption policy [1] - There is a need for more policy tools to boost consumption, as the existing policies have been more effective in expanding investment than in stimulating consumption [1] Group 2 - Three reforms are suggested to further promote domestic demand: moving the consumption tax collection to local governments, which would incentivize local governments to focus more on consumption [2] - The second reform involves linking prices and wages, allowing for price liberalization in certain sectors while increasing wages and subsidizing low-income individuals to expand effective demand [2] - The third reform focuses on the urbanization of the agricultural population, encouraging local governments to provide basic public services and address the needs of migrant workers' children for education and housing, which would significantly enhance consumption potential [2]