从消费提质到投资优化：2026年扩大内需路径明晰

Core Insights - The Chinese government emphasizes the importance of domestic demand as a key driver for economic growth, with a focus on boosting consumption and expanding domestic markets as primary tasks for 2026 [3][4]. Group 1: Domestic Demand and Consumption - The contribution of domestic demand to economic growth reached 71% in the first three quarters of 2025, highlighting its role as a stabilizing force [3]. - A series of policies aimed at stimulating consumption, particularly through "trade-in" programs, have led to significant sales increases, with over 2.5 trillion yuan in sales generated from these initiatives from January to November 2025 [4]. - Service consumption has seen a notable increase, with per capita spending on services rising to 46.8% in the first three quarters of 2025, indicating a shift towards sectors like tourism and elderly care [5]. Group 2: Investment Trends - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year in the first 11 months of 2025, but investment in key sectors remains robust, with project investment growing by 0.8% when excluding real estate [7]. - The government plans to stabilize investment by increasing central budget investments and optimizing the use of local government bonds, focusing on urban renewal and public infrastructure [8]. - Investment policies in 2026 are expected to target four main areas: "two重" project construction, new productivity sectors, urban renewal, and enhancing the environment for private investment [8].