专访李迅雷：投资要有效，消费无条件优先

Core Points - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized the importance of building a strong domestic market and accelerating the construction of a new development pattern [1] - The session highlighted the need to boost consumption and effective investment, while breaking down barriers to the construction of a unified national market [1][6] - Recent consumption data shows that China's total retail sales of consumer goods reached 36.5877 trillion yuan, growing by 4.5% in the first three quarters of the year [1] Group 1: Consumption and Investment - The core task of macro policy in the next phase is to significantly boost consumption, with a focus on developing the service sector to absorb employment [4] - The relationship between boosting consumption and effective investment is crucial, with the emphasis on "effective" investment being a key distinction [7] - Effective investment should prioritize sectors like AI and new infrastructure, moving away from traditional infrastructure investments that have seen a decline [7][10] Group 2: New Infrastructure and Market Demand - New infrastructure projects should be aligned with real market demand, ensuring resources are allocated to areas that enhance economic density and facilitate the flow of factors [9] - The government is expected to introduce new policy financial tools to stimulate fixed investment, focusing on digital economy and green technology rather than traditional infrastructure [10] Group 3: Social Welfare and Employment - The Fourth Plenary Session stressed the importance of improving public welfare and ensuring common prosperity, particularly in the context of an aging population [12] - Public consumption spending is expected to expand rigidly, focusing on social security, childcare, and basic public services to encourage private consumption [12][13] - The development of the service sector is seen as a key area for creating quality employment opportunities, especially as traditional industries become more automated [13]