樊纲：中国经济长期问题在于消费需求不足

Core Insights - The main issue in the Chinese economy is insufficient consumer demand, which becomes more pronounced as production capacity rapidly increases [1][2] - The proportion of consumption in GDP is significantly lower in China compared to other countries, with consumer spending accounting for only 40% of GDP, while in the US it is around 80% and in other developing countries like India it ranges from 60% to 70% [1] - There has been a historical emphasis on supply-side reforms in macroeconomic policy, focusing on enhancing productivity, which stems from past experiences of shortages and low productivity [1] Demand-Side Reform - There is a call for a shift towards demand-side reforms, with a particular emphasis on improving the social security system to boost consumption [2] - The social security system is seen as crucial for addressing income inequality and ensuring social stability, which in turn can lead to significant changes in consumer spending [2]