两会解读：全方位提振消费，做强做优国内大循环

Core Insights - The report emphasizes the importance of boosting consumption and expanding domestic demand as a key component of strengthening the domestic circulation system, which is crucial for achieving high-quality economic development [1][2] - It highlights the need for a synergistic approach between policy measures and deepening reform and opening up to promote economic growth [1][2] Group 1: Interaction between Consumption and Domestic Circulation - The domestic circulation system is positioned as the main driver of economic growth, with consumption being the foundational guarantee for expanding domestic demand [3][5] - Consumption is less volatile compared to investment and net exports, providing stability and support for economic development [3] - Enhancing consumer capacity and enthusiasm can facilitate the transition of economic growth drivers and ensure stable economic operations [3][5] Group 2: Current Characteristics of Consumption - In 2024, the contribution of final consumption expenditure to GDP growth was 44.5%, surpassing the contributions from investment (25.2%) and net exports (30.3%), indicating consumption's vital role in stabilizing economic growth [7] - There is a noticeable shift in consumption patterns from material goods to services, with per capita consumption expenditure reaching 28,227 yuan, a 5.3% increase year-on-year [8] - The rise of green consumption reflects a shift towards quality-oriented consumption, with significant increases in the ownership of new energy vehicles and the growth of the second-hand e-commerce market [8] Group 3: Favorable Conditions for Boosting Consumption - The report outlines the need for coordinated fiscal and monetary policies to support consumption, with a focus on implementing proactive fiscal measures and moderately easing monetary policies [9][10] - Specific policies, such as the expansion of the old-for-new replacement program, are expected to significantly boost sales in various sectors, including automobiles and home appliances [9][10] - The integration of industrial and regional policies aims to promote balanced development across different regions, enhancing overall economic quality [11] Group 4: Deepening Reform and Optimizing the Business Environment - Continuous supply-side structural reforms are essential for optimizing supply structures and enhancing innovation capabilities, with significant growth in high-tech manufacturing sectors [12] - The report emphasizes the importance of improving the business environment by addressing issues like "involution" and local protectionism, which can hinder market dynamics [13]