Core Viewpoint - Expanding domestic demand is crucial for economic stability and security, with a series of policies implemented to address challenges such as insufficient effective demand and the coexistence of demand shortages and overcapacity in certain industries [2][3][10]. Group 1: Historical Context and Importance - Since the implementation of the coastal opening policy in 1978, external demand has played a significant role in domestic economic growth. The Asian financial crisis in 1998 prompted the first emphasis on expanding domestic demand as a fundamental strategy for economic development [5]. - The 2024 Central Economic Work Conference highlighted the importance of "comprehensively expanding domestic demand" as a key task, reflecting an evolved understanding of its urgency and significance [5][10]. Group 2: Role of Consumption - Consumption is identified as a vital engine for economic growth, with historical data showing a low consumption rate of 35.6% in 2010. Recent policies have aimed to enhance consumption's foundational role in economic development [6][10]. - The 2022 Central Economic Work Conference prioritized the recovery and expansion of consumption, indicating a shift towards recognizing its importance in driving economic growth [6][10]. Group 3: Investment's Contribution - While consumption is emphasized, effective investment remains critical for long-term economic stability. Historical responses to financial crises have shown the importance of investment in infrastructure and other sectors [7][10]. - The 2024 government report indicated that investment plays a key role in optimizing supply structure, reinforcing the need for a balanced approach between consumption and investment [7][10]. Group 4: Synergy Between Consumption and Investment - The 2023 Central Economic Work Conference called for a focus on creating a virtuous cycle between consumption and investment, emphasizing the need for policies that integrate both aspects [8][10]. - The government aims to combine the strategy of expanding domestic demand with supply-side structural reforms to enhance the overall economic growth impact [8][10]. Group 5: Challenges in Expanding Domestic Demand - Despite efforts, challenges remain, including insufficient effective demand and a lack of robust mechanisms to stimulate consumption. The current consumption rate is around 40%, significantly lower than that of high-income economies [12][10]. - There is a notable overcapacity in certain industries, with low utilization rates in traditional manufacturing sectors, indicating a mismatch between supply and demand [12][10]. Group 6: Policy Recommendations - The government is urged to implement more proactive macroeconomic policies, including fiscal and monetary measures, to stimulate demand and investment [15][10]. - Specific strategies include enhancing consumer confidence, promoting service consumption, and investing in infrastructure to support economic growth [16][17][10]. Group 7: Long-term Mechanisms for Demand Growth - Establishing a sustainable mechanism for demand growth involves reforming income distribution systems and removing administrative barriers that hinder consumption [19][10]. - The focus should be on creating an environment conducive to private investment and improving the overall investment climate to stimulate economic activity [19][10].
尹艳林:把握全方位扩大国内需求的重点 | 宏观经济
清华金融评论·2025-09-29 11:36