姚景源：投资转向民生，消费迎来黄金期

Core Points - The Beijing Municipal Committee's recent meeting emphasized a significant shift in economic development strategy from investment-driven growth to a model promoting interaction between investment and consumption [1][4] - The meeting highlighted the need to address consumption issues, with a focus on increasing the resident consumption rate as part of the 15th Five-Year Plan [1][3] - Investment should be directed towards sectors that foster new productive forces, such as digital economy, artificial intelligence, and green industries [1][2] Investment and Consumption Interaction - The primary constraint on consumption is not a lack of willingness but rather financial concerns and expectations [2] - The connection between boosting consumption and promoting employment and income is crucial for addressing consumer hesitance [2] - Investments in urban renewal, elderly-friendly modifications, and 5G network coverage are seen as creating new consumption scenarios, effectively "building roads and bridges" for future consumption [2] Employment and Income Growth - The service sector is identified as a key driver for creating high-quality jobs, with a current employment share around 50% compared to 70%-80% in developed countries [3] - There is a strong recommendation for Beijing to develop its tourism and cultural industries, leveraging its historical and cultural resources [3] - The central government's proposal emphasizes synchronizing labor income growth with productivity improvements, highlighting the importance of technology in driving consumer income growth [3]