专访邢自强：从投资于物到投资于人，持续撬动消费市场

Core Viewpoint - The future of the Chinese economy lies in achieving a dual focus on "starry sea" innovation and "daily necessities" improvement, emphasizing the need for collaboration between technological self-reliance and enhancing people's livelihoods [1][4]. Group 1: Dual-Driven Approach - The "starry sea" represents future-oriented innovation leveraging China's industrial chain, engineer advantages, and market policies, while the "daily necessities" focus on improving livelihoods and boosting domestic demand [4][5]. - The "15th Five-Year Plan" aims to significantly increase the household consumption rate, reflecting the strategic importance of balancing innovation and consumption [5]. Group 2: Capital Market Role - The capital market should support both innovation and consumption, enhancing residents' consumption capacity and promoting a sustainable innovation ecosystem [6][7]. - A robust domestic demand market can provide fertile ground for technological innovation and stable profit sources, fostering a virtuous cycle of investment and returns [7]. Group 3: Market Confidence Recovery - Since September 2024, market confidence has been recovering due to a threefold awakening in policy, enterprise resilience, and capital dynamics [9]. - Policy reforms have included expansionary fiscal measures and support for consumption, signaling a commitment to development alongside security [9][10]. Group 4: Structural Reforms - Key reforms during the "15th Five-Year Plan" include deepening the construction of a unified national market and substantial social security reforms to enhance consumer potential [10][11]. - Increasing the basic pension for farmers and migrant workers could raise household consumption's share of GDP from under 40% to around 45% by 2030, creating a $10 trillion consumption market [11]. Group 5: Fiscal Transformation - The shift from "investment in material" to "investment in people" is crucial for addressing structural issues of high savings and low consumption [13][14]. - The strategy involves increasing the proportion of state-owned capital transferred to social security funds and reallocating fiscal resources from infrastructure to social welfare [14]. Group 6: Real Estate Market Stability - To stabilize the real estate market, strategies include purchasing unsold properties for affordable housing, restructuring debts of key real estate firms, and providing interest subsidies on mortgages to alleviate buyer burdens [15].