扩大内需，内生增长质更高

Core Viewpoint - The emphasis on expanding domestic demand is not a temporary measure but a strategic initiative crucial for economic stability and security, as highlighted by the Central Economic Work Conference [1] Group 1: Investment Trends - Investment in traditional sectors is weakening, while high-tech industry investment is growing rapidly, indicating a shift in investment dynamics [1] - There is significant potential for investment in areas such as technological innovation, industrial upgrades, urban renewal, rural infrastructure, and public services, as the per capita capital stock level remains low [1] - The government aims to increase investment in human resource development and improve the proportion of government investment in livelihood projects to align with consumption structure upgrades [2] Group 2: Consumption Insights - Service retail sales have shown a year-on-year growth of 5.4% in the first 11 months, indicating a trend of improvement in consumption [1] - The government plans to implement a resident income increase plan and special actions to boost consumption, which will further release consumption potential [1] - The current consumer spending rate in China is 39.9%, which is still 10-30 percentage points lower than that of developed countries, particularly in service consumption [2] Group 3: Policy Recommendations - To stimulate private investment, it is essential to create a fair competitive market environment and remove barriers that restrict private investment, especially in high-tech and service sectors [2] - The government should increase public service spending to enhance collective consumption in areas like education and health, particularly as GDP per capita exceeds $13,000 [2] - A long-term mechanism for expanding domestic demand should be established, combining short-term policies with medium- to long-term institutional reforms to address deep-seated issues in domestic demand and consumption [3][4]