展望“十五五” | 专访尹艳林：让有钱且愿消费的人顺利消费；个税起征点可提高 最高边际税率可下调 让有关群体少缴税、多收入

Core Viewpoint - The "15th Five-Year Plan" emphasizes the need for reforms to boost domestic consumption and address structural issues in the economy, particularly in the context of low consumption rates and insufficient domestic demand [1][2]. Investment and Consumption - The plan highlights the importance of increasing total factor productivity and significantly raising the household consumption rate, which is currently low compared to developed countries [2][5]. - The relationship between investment and consumption is dynamic; as investment rates decline, consumption rates are expected to rise, indicating a need for a balanced approach to both [6]. Urbanization and Economic Growth - New urbanization is identified as a crucial engine for economic growth, with millions of rural residents still needing to transition to urban areas, necessitating substantial investment in public services [8][9]. - The urbanization rate in China has reached 67%, but there remains a significant gap between registered and actual urban populations, indicating ongoing opportunities for investment [8]. Consumer Demand and Restrictions - The removal of unreasonable restrictions on major consumer goods like automobiles and housing is seen as a direct method to stimulate consumption among those with purchasing power [8][10]. - The central government is expected to push for these changes, although implementation may vary by locality due to differing regional conditions [10]. Taxation and Disposable Income - Increasing the personal income tax threshold and optimizing tax rates are proposed as effective measures to enhance disposable income for middle-income groups, thereby stimulating consumption [11][12]. - The current tax burden on middle-income earners is considered heavy, and adjustments could lead to significant increases in consumer spending [12]. Investment Strategy - The plan calls for a combination of investments in both physical infrastructure and human capital, emphasizing that investments should directly benefit the population [20][21]. - Effective investment is defined not solely by financial returns but also by its ability to stimulate demand and improve public welfare [23][25]. Private Sector Engagement - The government aims to increase the share of private investment, particularly in sectors traditionally dominated by state-owned enterprises, to enhance market competition and innovation [26][27]. - Legal and institutional reforms are necessary to ensure that private enterprises can compete fairly and access resources [26]. Market Integration - The plan stresses the need to eliminate barriers to building a unified national market, addressing deep-seated issues of market segmentation and local protectionism [31][33]. - Reforms in fiscal, statistical, and assessment systems are essential to facilitate this integration and improve government efficiency in market regulation [34][35].