张军扩：按投资于人的要求，支持服务性消费

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 being prioritized for two consecutive years [3] Group 1: Economic Challenges - The current economic situation in China shows a persistent imbalance between strong supply and weak demand, with companies facing significant challenges [3] - The marginal weakening trend of the economy has intensified as the fourth quarter progresses, necessitating substantial efforts to promote overall economic recovery [3] - The main contradiction in China's economic operation has shifted from the supply side to the demand side, indicating that resolving demand issues is crucial for smooth economic circulation and stable growth [3] Group 2: Causes of Insufficient Demand - The insufficient consumer demand is attributed to both short-term market volatility and deeper structural issues that are interrelated and mutually reinforcing, leading to a negative cycle of demand contraction, increased employment pressure, slowed income growth, weakened wealth effects, and declining consumer confidence [3][4] - Addressing these issues requires both short-term stimulus policies to break the negative cycle and long-term solutions to strengthen the foundation for sustained growth [4] Group 3: Strategies for Demand Expansion - The "14th Five-Year Plan" aims to effectively unleash the potential of household consumption by optimizing the support range and structure of commodity consumption and enhancing service consumption, particularly in education, healthcare, elderly care, and childbirth [4] - Increasing subsidies to boost consumer willingness and capacity is essential, alongside implementing a resident income growth plan and improving social security and public service levels for low-income groups [4] - While consumer demand is emphasized for driving economic growth, investment remains important, and efforts to expand effective investment should not be relaxed [4][5] Group 4: Investment and Development - The era of large-scale and extensive urban construction and real estate investment aimed at solving housing shortages has ended, but there remains significant demand for investment and consumption focused on improving urban environments and housing quality [5] - The "14th Five-Year Plan" emphasizes the need to release and expand effective investment, accelerating the formation of new urban construction and real estate development models that align with the new development stage, while also boosting private and foreign investment [5]