摩根士丹利中国首席经济学家：三大重要因素支撑“中国信心”

Core Insights - The release of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" has garnered significant attention, with international institutions expressing positive expectations for China's high-quality development during this period [1][2] - Morgan Stanley's Chief Economist for China highlighted three key factors supporting confidence in the Chinese economy: effective macroeconomic policies, recovery of financial markets boosting corporate confidence, and increased liquidity in funding [2] Economic Growth and Consumer Spending - The "Suggestions" outline goals for the 15th Five-Year Plan, including maintaining economic growth within a reasonable range, steady improvement in total factor productivity, and a significant increase in the consumption rate [3] - In the first three quarters of this year, final consumption expenditure contributed 53.5% to economic growth, marking it as the primary driving force behind China's economic expansion [3] - China's consumption growth over the past five years has been approximately twice that of the United States, positioning it as one of the fastest-growing consumer markets globally [3] - The plan emphasizes boosting consumption and implementing special actions to enhance consumer spending, particularly in services and upgraded goods [3]