张军扩：需求已成中国经济增长决定性因素，扩大内需须“长短兼顾”

Core Viewpoint - The demand issue has become the most decisive factor affecting the sustained and stable growth of China's economy, with expanding domestic demand ranking first in economic work for two consecutive years [7][9]. Group 1: Economic Resilience and Demand-Supply Dynamics - China's economy continues to show strong resilience and stable operation despite external shocks and challenges, with major macroeconomic indicators remaining stable, laying a good foundation for achieving the annual growth target of around 5% [7][8]. - The main contradiction in economic operation has gradually shifted from the supply side to the demand side, indicating that resolving demand issues is crucial for smooth economic circulation and stable growth [3][8]. Group 2: Consumption Demand and Structural Challenges - The insufficient consumption demand is influenced by both short-term market fluctuations and long-term structural factors, necessitating both immediate stimulus policies and long-term solutions to ensure stable growth [10][11]. - The structural factors include a long-term low consumption rate among residents, which is estimated to be 10-20% below the international average, highlighting the need to increase residents' income and social security levels to enhance consumption capacity [11][12]. Group 3: Investment Opportunities and Policy Innovation - Investment remains important and should be balanced with consumption to achieve effective economic growth, with significant potential for investment in urban renewal, rural infrastructure, and improving living standards [6][13]. - The demand for investment in urban and rural areas is substantial, but requires innovative mechanisms to align the interests of government, enterprises, and property owners [14][15]. - Promoting private and foreign investment is essential, which can be supported by deepening reforms and improving the business environment to stabilize and enhance corporate expectations and confidence [15][16].