盛松成：打好政策组合拳激发消费内生动能

Group 1 - The total retail sales of consumer goods from January to May increased by 5.0% year-on-year, with a 6.4% increase in May alone, reflecting the positive effects of policies aimed at boosting consumption and implementing trade-in programs for consumer goods [1] - The Consumer Price Index (CPI) in May showed a year-on-year decrease of 0.1% and a month-on-month decrease of 0.2%, indicating a need to enhance the internal momentum of consumption [1] - To stimulate consumer demand in the short term, it is suggested to focus on transfer payments and expand the trade-in policy, particularly in central and western regions, encouraging participation from urban-rural integration areas [1] Group 2 - Long-term personal income tax reform could help adjust disposable income, providing stable cash flow for households, especially if tax rates for low- and middle-income groups are lowered [2] - A higher pension replacement rate can enhance current consumption tendencies, and transferring some savings to personal pension accounts could increase the overall pension replacement rate without affecting current cash flow [2] - Recommendations include increasing tax incentives for personal pension accounts and improving the performance and returns of pension products, as well as enhancing related services like healthcare based on pension contributions [2]