涂圣伟：当前扩大内需须在供需两侧协同发力

Core Viewpoint - Expanding domestic demand is essential for maintaining the sustainable and healthy development of China's economy, with a focus on coordinating supply and demand sides to stimulate new demand and create new supply [2][14]. Group 1: Economic Dynamics - The dynamic balance between total supply and total demand is a prerequisite for smooth national economic circulation, influencing overall output and price levels [2]. - Historically, China's economy transitioned from a supply shortage to a demand shortage, with recent shifts indicating a structural mismatch between supply and demand [3]. Group 2: Consumption and Investment - Consumption plays a foundational role in the national economy, with current issues reflecting a persistent gap between effective demand and potential output, particularly in service consumption [5][6]. - Investment dynamics show a weakening of investment momentum and a decline in the marginal return on capital, with private investment confidence notably low [5]. Group 3: Structural Imbalances - The supply-demand imbalance is not merely a quantitative issue but also a structural mismatch, with traditional supply redundancy coexisting with a shortage of quality supply [6]. - Specific sectors, such as elderly care and childcare, exhibit significant gaps between supply and demand, highlighting the need for better alignment [6][10]. Group 4: Causes of Supply-Demand Imbalance - The supply-demand imbalance is linked to historical public resource allocation patterns that favored production capacity over consumer needs, leading to a persistent gap [10]. - The transition of China's economic development stage impacts the balance of supply and demand, with diminishing returns on traditional growth factors affecting consumer income and spending [11]. Group 5: Policy Recommendations - To address the supply-demand imbalance, it is crucial to implement coordinated efforts between supply-side and demand-side policies, enhancing the adaptability and balance of supply and demand [15][17]. - Promoting a virtuous interaction between consumption and investment is essential, with a focus on optimizing government investment structures and enhancing consumer spending [16]. Group 6: Domestic and International Circulation - Strengthening domestic demand does not imply neglecting external demand; rather, it aims to better connect domestic and international markets, leveraging China's large market size and production capacity [18].