一财社论：提振消费需念好“三字经”

Core Viewpoint - Consumption is becoming the key driver for improving the quality and efficiency of China's economy, as highlighted by the recent joint notice from the Ministry of Commerce, the People's Bank of China, and the financial regulatory authority [2] Group 1: Economic Policy and Strategy - The Central Economic Work Conference has prioritized boosting consumption and expanding domestic demand as the foremost task for economic work in the coming year [2] - The focus on consumption reflects a new understanding within the decision-making system regarding economic work, emphasizing that consumption is a driving force for social and economic development [2][3] - The second centenary goal encompasses not only national strength but also the economic well-being of the populace, representing the most fundamental aspects of economic and social development [2] Group 2: Consumption Dynamics - The internal structure of a consumption-driven model is complex, requiring a multi-dimensional approach that includes innovative supply systems and diverse expressions of individual preferences [3] - Policies aimed at boosting consumption must focus on three key aspects: the ability to consume, the willingness to consume, and the courage to consume [3][4] - The ability to consume is measured by effective purchasing power, which is currently insufficient due to an imbalance between savings and consumption [3] Group 3: Enhancing Consumer Confidence - The willingness to consume is influenced by individuals' sense of security regarding future responsibilities such as retirement and education, necessitating enhanced social safety nets [4] - The government is expected to shift its focus towards improving social welfare and redistributing resources to enhance residents' sense of security, thereby encouraging consumption [4] Group 4: Consumer Rights and Market Dynamics - The quality of consumption is tied to trust between consumers and providers, with current market conditions increasing costs and diminishing consumer confidence [4] - Introducing legal frameworks such as collective lawsuits and dispute resolution mechanisms is essential to protect consumer rights and foster a more favorable consumption environment [4] Group 5: Financial Support for Consumption - Financial support for consumption should transform the substantial capital stock accumulated since the reform and opening up into a wealth lever for residents, enhancing their financial stability [5] - The government’s focus on boosting consumption and expanding domestic demand signals a shift in economic growth dynamics and a new direction for governance [5]