专访东北证券上海证券研究咨询分公司总经理李冠英：锚定战略之举 解锁扩大内需深层密码

Core Viewpoint - The expansion of domestic demand is crucial for economic stability and security, representing a long-term strategic initiative for China as it transitions towards modernization during the "14th Five-Year Plan" period [1] Group 1: Strategic Importance of Domestic Demand - Expanding domestic demand is not merely a short-term economic stimulus but a fundamental strategic adjustment in response to changing external environments and a shift from reliance on exports and investment to a demand-driven growth model [1][2] - The current focus on domestic demand is essential for ensuring the long-term stability and sustainability of China's economy, acting as a "bulwark" against external economic fluctuations [2] Group 2: Market Resource Utilization - The market resources in China, which include not only the large population but also various industrial and digital resources, must be fully leveraged to support the new development pattern [2] - Breaking down barriers and establishing a unified national market is critical for the efficient allocation and flow of resources, which will drive the internal circulation of the economy [2] Group 3: Consumer Market Expansion - The contribution of final consumption to GDP growth reached 53.5% in the first three quarters of 2025, indicating a significant shift towards a domestic demand-driven growth model [3] - The middle-income group is identified as the most active segment in the consumer market, driving demand for services, green products, and smart technologies, which are essential for high-quality economic development [3] Group 4: Income Distribution and Policy Impact - Expanding domestic demand is fundamentally linked to income distribution reform and social security upgrades, with policies aimed at increasing the size of the middle-income group [4] - The national subsidy policy has effectively stimulated the consumption market, with 1.5 billion yuan issued in 2024, doubling to 3 billion yuan in 2025, and projected to exceed 5 billion yuan in 2026, significantly impacting consumer spending and benefiting over 360 million people [4]