论资本市场如何助力提振居民消费

Core Viewpoint - The article emphasizes the importance of expanding domestic demand, particularly stimulating consumer spending, as a key support for high-quality economic development in China, especially in the context of the new development stage characterized by domestic and international dual circulation [1]. Group 1: Role of Capital Markets in Boosting Consumer Spending - Capital markets can significantly enhance consumer spending through various mechanisms, including the wealth effect, improved corporate financing, and long-term structural upgrades [2][3][4]. - The wealth effect from a rising capital market can directly increase consumer willingness to spend, as a robust stock market boosts investor confidence and financial asset holdings [2]. - Improved corporate financing conditions from rising stock valuations can lead to increased employment and income, indirectly promoting consumer spending [3]. Group 2: Future Directions for Capital Market Reforms - To further leverage capital markets in boosting consumer spending, reforms should focus on market stability, expanding financial inclusion, and enhancing support for emerging industries [5][6][7]. - Establishing mechanisms for market stability and encouraging long-term capital inflows can help mitigate volatility and ensure steady growth in household financial income [5]. - Expanding the reach of capital markets to a broader population can enhance wealth accumulation and consumer spending potential, aiming to increase the number of A-share investors significantly [6]. - Strengthening capital market support for emerging industries can create a chain reaction of industrial upgrades, improved employment, and increased consumer spending [7].