变局世界与潜能中国系列研究之一：如何充分挖掘经济潜能？

Demand Potential - In the first three quarters of 2025, the per capita disposable income in China was 32,509 yuan, with a nominal growth rate of 5.1%[2] - Per capita consumption expenditure during the same period was 21,575 yuan, growing at 4.6%[2] - Household deposits increased by 12.7 trillion yuan, indicating enhanced financial resilience and a shift towards consumption[2] Supply Potential - The tertiary sector contributed 60.7% to economic growth in Q3 2025, marking a shift towards service-driven growth[5] - The focus on improving service efficiency is expected to yield productivity gains greater than traditional investment expansions[5] - The government aims to enhance service quality and integrate "Artificial Intelligence+" into various sectors to boost overall productivity[5] Innovation Potential - In 2024, China's R&D expenditure reached 3.613 trillion yuan, with an R&D intensity of 2.68%, reflecting a solid foundation for innovation[8] - The emphasis is on transforming localized innovations into widespread productivity improvements across industries[10] Institutional Potential - The establishment of a unified national market aims to improve resource allocation efficiency and enhance return rates for businesses[11] - Reforms targeting competition and cash flow stability are expected to create a more predictable investment environment[11] Economic Growth Framework - China's long-term growth center is projected to remain above global averages, with a significant advantage over major economies like the US and Eurozone[12] - The potential for economic growth is supported by addressing demand, efficiency, and external gaps, with a focus on converting savings into consumption[15]