回望“十四五”| 扩内需增活力优环境 “十四五”深化改革结硕果

Core Viewpoint - China's domestic demand remains the main driving force and stabilizing anchor for economic development, supported by a series of reforms and the acceleration of the national unified market construction [1][4]. Group 1: Domestic Demand and Economic Growth - During the "14th Five-Year Plan" period, domestic demand contributed an average of 86.8% to economic growth [2]. - In the first three quarters of this year, final consumption expenditure contributed 53.5% to economic growth, an increase of 9.0 percentage points compared to the previous year [3]. - From 2021 to 2024, the average contribution of final consumption to China's economic growth is expected to reach 59.9%, up by 11.1 percentage points from the "13th Five-Year Plan" period [3]. Group 2: Investment and Infrastructure - The average contribution of capital formation from investment to economic growth over the past four years is 30.2% [4]. - In the first three quarters of this year, fixed asset investment in railways reached 593.7 billion, a year-on-year increase of 5.8% [3]. Group 3: Support for Private Enterprises - The establishment of a reusable rocket assembly and testing facility in Hainan represents a significant opportunity for the commercial aerospace industry, supported by improved market access policies [5][6]. - As of May, there were 185 million private economic organizations in China, accounting for 96.76% of total operating entities, with a year-on-year growth of 2.3% [6]. Group 4: National Unified Market Construction - The construction of a national unified market has made significant progress, enhancing the efficiency of resource allocation and reducing transaction costs [9][10]. - The negative list for market access has been reduced from 123 items in 2020 to 106 items in 2025, promoting a fair competitive environment [10].