北大光华刘俏：更大力度推动“反内卷” 大力支持企业出海

Group 1 - The core viewpoint is that China will implement a resident income increase plan during the "14th Five-Year Plan" period, focusing on enhancing property income and consumer willingness and capacity [1] - The current fiscal policy space allows for an expansionary approach, with suggestions to increase central government debt to support both "investment in goods" and "investment in people" [1] - Recommendations include innovative policy tools to change marginal consumption tendencies, such as issuing consumption vouchers and increasing rural pension standards [1] Group 2 - The recent announcement by the central bank to lower re-lending and rediscount rates by 0.25 percentage points is expected to help repair residents' balance sheets [2] - Structural "rate cuts" can lower financing costs for small and micro enterprises, which account for over 80% of employment, thereby promoting business expansion and increasing employment demand [2] - The push for "anti-involution" policies and support for enterprises going abroad can improve corporate profits and income distribution, ultimately enhancing consumer spending [2] Group 3 - Suggestions to stabilize and recover the real estate market include a new model that utilizes social capital, involving a tripartite reform of housing provident funds, rental housing, and REITs [3] - The establishment of a "real estate mother fund" with participation from market institutions and financial institutions is proposed to facilitate rental housing construction and acquisition [3] - The aim is to create a closed-loop financing model that includes development, nurturing, exit, and redevelopment of rental housing [3]