刘世锦：要减少消费不足的结构性偏差，形成稳增长促转型的新动能

Core Viewpoint - The current consumption shortfall in China is a structural deviation that requires investment policies and funding to stimulate consumption and promote stable growth and transformation [3][4]. Group 1: Consumption Shortfall - China's economic growth faces severe challenges due to insufficient demand, primarily stemming from low consumption rather than investment [3]. - The consumption rate in China is comparatively low, particularly in service consumption related to education, healthcare, housing, social security, and elderly care [3][5]. - The largest gap in consumption is found among rural residents, especially among nearly 300 million migrant workers [3][5]. Group 2: Structural Reforms - To address the consumption shortfall, a focus on "terminal demand," which includes consumption and non-productive investment, is essential [3][5]. - The need for structural reforms is emphasized, particularly in improving public services and increasing income for low-income groups [7][8]. - Three key areas for structural reform include housing for migrant workers, pension system reform, and facilitating the flow of production factors to drive urbanization [9][10][11]. Group 3: Policy Recommendations - Investment policies should be directed towards enhancing consumption, with a goal to raise the consumption-to-GDP ratio to a reasonable level [7][8]. - The housing market requires adjustments to address structural mismatches, allowing local governments to utilize special bonds for affordable housing projects [9]. - The pension system needs reform to cover more residents and gradually increase pension income to 1,000 yuan/month over five years [10].