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, as highlighted by the 20th Central Committee's emphasis on addressing "insufficient effective demand" as a risk challenge [1] Group 1: Economic Dynamics - The dynamic balance between total supply and total demand is a prerequisite for the smooth operation of the socialist market economy, influencing overall output and price levels [2] - Historically, China's economic policies have shifted between supply-side and demand-side adjustments, reflecting changes in the supply-demand relationship [3] Group 2: Consumption and Investment - Consumption plays a foundational role in the national economy and is a key focus for expanding domestic demand, with current issues including low consumer spending and insufficient 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 only a matter of quantity but also reflects structural mismatches, with certain sectors experiencing oversupply while others face shortages [6] - The aging population and technological advancements are significant factors affecting supply-demand adjustments, with implications for long-term economic balance [12] Group 4: 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 [14][15] - Promoting a virtuous interaction between consumption and investment is essential, with a focus on optimizing government investment structures and fostering private investment [15] Group 5: Domestic and International Circulation - Expanding domestic demand should not come at the expense of external demand; rather, it should enhance the connection between domestic and international markets [17] - A proactive open strategy is necessary to adapt to international changes, ensuring that China can effectively participate in global industrial cooperation and supply chain management [17]