Core Viewpoint - The article emphasizes the interdependent relationship between investment and consumption, arguing that effective fiscal policy should focus on both aspects to stimulate economic growth and meet human needs [4][7][10]. Group 1: Investment and Consumption Dynamics - Investment and consumption are two sides of the same coin, and both are essential for expanding total demand [5][7]. - Government spending should prioritize the expansion of total demand, with a balanced focus on both investment and consumption [5][7]. - The current economic environment shows weak private investment growth, while government spending is more focused on investment rather than consumption [5][7]. Group 2: The Role of Government Spending - Government spending has become increasingly recognized as an endogenous factor in the economy, playing a crucial role in macroeconomic regulation [8]. - The effectiveness of government spending is hindered by issues such as mismatched flows, idle funds, and uncertainty in spending responsibilities [8]. - The article highlights the need for a structural reform in fiscal policy to enhance the effectiveness of government spending [3][15]. Group 3: Human-Centric Logic - The article advocates for a shift from a material-based logic to a human-centric logic in economic development and fiscal policy [10][12]. - Government investment and consumption should be designed around human needs, particularly focusing on the demands of different regional groups [10][12]. - The need for social mobility and equity is emphasized, particularly in addressing the urban-rural divide and facilitating the transition of rural populations to urban settings [11][13]. Group 4: Central-Local Fiscal Relations - The article discusses the significant reliance on local government finances for macroeconomic regulation, highlighting the imbalances in central-local fiscal relations [14][15]. - Local government spending accounts for a substantial portion of total government expenditure, which affects the overall effectiveness of fiscal policy [15]. - The need for reform in central-local fiscal relations is deemed urgent to enhance the coordination between investment and consumption [15].
刘尚希:如何实现投资与消费的相互促进? | 宏观经济
清华金融评论·2025-06-01 13:57