以补贴提振消费，关键是要调节消费结构失衡

Group 1 - The article highlights two new trends in consumer behavior: the expansion of subsidies for mobile phones and home appliances, which has created a rotation effect compared to last year's policies, and a shift in macroeconomic policy focus from investment to consumption, with consumption's impact on economic growth potentially surpassing that of investment [2] - The estimated budget for the "trade-in" policy in 2024 is around 170 billion yuan, which is expected to increase retail sales growth by over 1 percentage point, with the most significant impacts seen in the home appliance, furniture, and automotive sectors [2] - For 2025, the central and local governments are expected to allocate approximately 330 billion yuan for "trade-in" subsidies, which could enhance retail sales growth by about 0.7 percentage points [2] Group 2 - The report indicates that the proactive fiscal policy for 2025 will manifest in three dimensions: a budget deficit rate exceeding 3% for the first time, unprecedented government bond issuance, and a structural optimization where the central government takes on more debt to alleviate local fiscal pressures [3] - There are concerns regarding the potential cessation of national subsidies; however, it is suggested that fiscal support is likely to continue in a low inflation environment, with consumption expected to align closely with nominal GDP growth in the second half of the year [3] - The current consumer landscape is characterized by both the introduction of policies to stimulate consumption and a cautious consumer sentiment driven by economic expectations, raising questions about how to effectively boost consumer spending [3] Group 3 - Key issues affecting consumption include a low overall consumption rate among Chinese residents, a low proportion of service consumption in total spending, and significant regional disparities in consumption levels [3] - Recommendations for improving consumption include enhancing social security, optimizing supply systems, and implementing targeted measures for different income groups to address their specific constraints [3][4] - Suggestions for reform include increasing state-owned enterprise contributions to social security, raising urban and rural pension benefits, and expanding the "trade-in" policy to include service consumption to maximize its effectiveness [4]