Group 1 - The core viewpoint emphasizes the importance of strengthening domestic circulation amidst complex external environments, with consumption being the "main engine" and "stabilizer" of economic growth, as well as a "barometer" of people's well-being [1] - The 2025 Central Economic Work Conference prioritizes "domestic demand as the main driver" and aims to build a strong domestic market, highlighting the commitment to promote consumption through targeted actions [1] - Investment in people is identified as a key strategy, focusing on enhancing education, employment, healthcare, and social security to transform human resources into sustainable human capital [1][2] Group 2 - The article discusses the need to promote employment, improve social security, and optimize income distribution to expand the middle-income group, which is essential for boosting consumption [2] - It notes that the current per capita GDP in China is between $10,000 and $20,000, with a shift in consumption structure towards a balance between goods and services, and an increase in digital, green, and health-related consumption [3] - The concept of "investment in people" is presented as complementary to "investment in material," with both being crucial for driving consumption and stabilizing growth [3] Group 3 - The article concludes that in the new era, combining benefits for people's livelihoods with consumption promotion will enhance the role of consumption in economic cycles and support high-quality economic development [4]

Group 1 - The core viewpoint emphasizes the importance of strengthening domestic circulation amidst complex external environments, with consumption being the "main engine" and "stabilizer" of economic growth [1] - The 2025 Central Economic Work Conference prioritizes "domestic demand as the main driver" and aims to build a strong domestic market, highlighting the commitment to boost consumption through targeted actions [1] - The concept of Chinese-style modernization focuses on human modernization, investing in education, employment, healthcare, and social security to enhance human capital and improve living standards [1] Group 2 - Key areas of focus include child-rearing education, youth employment, and elderly healthcare, with an emphasis on promoting employment and optimizing income distribution to expand the middle-income group [2] - The macro policy signals a stronger emphasis on people's livelihoods, which is expected to stimulate innovation and support the construction of a robust domestic consumption market [2] - The current per capita GDP in China is between $10,000 and $20,000, with a shift in consumption structure towards a balance between goods and services, and an increase in digital, green, and health-related consumption [3] Group 3 - Investment in people is framed as a means to align high-quality population development with improved quality of life, enhancing people's sense of gain, happiness, and security [3] - The approach emphasizes that investment in both people and physical assets is essential for sustainable development, with both elements working together to promote consumption and stabilize growth [3] - The integration of investment in human capital with consumption expansion is expected to create new opportunities for development and enhance the role of consumption in economic cycles [4]

党的十八大以来，我国不断提升国内供给质量水平，持续释放消费和投资需求，内需对经济发展的支撑作用明显增强，是拉动我国经济增长的主动力 和稳定锚。2013—2024年，我国经济保持了年均6.1%的增长，内需对经济增长的平均贡献率达93.1%，其中最终消费支出和资本形成总额的平均贡献率分 别为55%和38.1%，消费的基础作用和投资的关键作用进一步发挥。 今年前三季度，最终消费支出对经济增长贡献率达53.5%，比上年全年提升9个百分点，继续发挥经济增长主引擎作用。 我国消费向新而行，新能源汽车销量连续10年全球第一。服务性消费占居民人均消费支出的比重从2013年的39.7%提高到2024年的46.1%。投资向优 发力，高技术产业投资持续多年快速增长，2018—2024年年均增长12.1%。 当前，世界百年未有之大变局加速演进，必须坚定实施扩大内需战略，以内需的稳定发展对冲外需的不确定性。 要准确把握国内市场发展规律，充分发挥内需对经济发展的支撑作用。统筹稳就业、稳企业、稳市场、稳预期，进一步做强国内大循环，有效应对外 部冲击挑战，推动我国经济平稳健康可持续发展。 中央经济工作会议着眼于确保"十五五"开好局、起好步， ...

Core Viewpoint - The expansion of domestic demand is crucial for economic stability and security, representing a long-term strategic initiative for China as it transitions towards modernization during the "14th Five-Year Plan" period [1] Group 1: Strategic Importance of Domestic Demand - Expanding domestic demand is not merely a short-term economic stimulus but a fundamental strategic adjustment in response to changing external environments and a shift from reliance on exports and investment to a demand-driven growth model [1][2] - The current focus on domestic demand is essential for ensuring the long-term stability and sustainability of China's economy, acting as a "bulwark" against external economic fluctuations [2] Group 2: Market Resource Utilization - The market resources in China, which include not only the large population but also various industrial and digital resources, must be fully leveraged to support the new development pattern [2] - Breaking down barriers and establishing a unified national market is critical for the efficient allocation and flow of resources, which will drive the internal circulation of the economy [2] Group 3: Consumer Market Expansion - The contribution of final consumption to GDP growth reached 53.5% in the first three quarters of 2025, indicating a significant shift towards a domestic demand-driven growth model [3] - The middle-income group is identified as the most active segment in the consumer market, driving demand for services, green products, and smart technologies, which are essential for high-quality economic development [3] Group 4: Income Distribution and Policy Impact - Expanding domestic demand is fundamentally linked to income distribution reform and social security upgrades, with policies aimed at increasing the size of the middle-income group [4] - The national subsidy policy has effectively stimulated the consumption market, with 1.5 billion yuan issued in 2024, doubling to 3 billion yuan in 2025, and projected to exceed 5 billion yuan in 2026, significantly impacting consumer spending and benefiting over 360 million people [4]

Investment Rating - The report maintains a positive outlook on the retail industry, indicating a favorable investment environment supported by multiple policies aimed at expanding domestic demand [2][5]. Core Insights - The retail index increased by 6.66% from December 15 to December 19, 2025, outperforming the CSI 300 index by 6.94 percentage points, ranking first among Shenwan's primary industries [2][22]. - A series of policies have been implemented to promote domestic circulation and the construction of a domestic demand system, positioning the retail sector as a key focus for nurturing domestic demand [5][6]. - The retail sector is expected to benefit from systematic support for quality and service transformation during the 14th Five-Year Plan period, with core companies likely to see earnings inflection points ahead of expectations [2][5]. - Offline retail formats are experiencing stable growth, with significant improvements in same-store sales due to the adoption of the "Fat Transformation" model [9][11]. - In November 2025, the total retail sales of consumer goods grew by 1.3% year-on-year, below market expectations, influenced by high base effects from previous policies [12][19]. Summary by Sections 1. Core Views of the Week - Multiple policies are being coordinated to advance the construction of a domestic demand system, with offline retail formats continuing to recover [5][6]. - The retail sector is identified as a critical area for fostering domestic demand through innovative development [5][6]. 2. Market Performance - The retail index's performance of +6.66% positions it as the top performer among industries, while the social service index increased by 2.66% [22][23]. - Key stocks in the retail sector saw significant gains, with Baida Group up by 51.60%, Lihua Shares by 31.33%, and Shanghai Jiubai by 30.47% [25][34]. 3. Policy Developments - Recent policies focus on enhancing domestic demand and consumer spending, with specific measures to support the retail sector [6][19]. - The "Fat Transformation" model is being adopted by major retail companies to improve operational efficiency and profitability [9][10]. 4. Consumer Trends - The online retail growth rate has slowed due to the pre-emptive nature of the Double Eleven shopping festival, while offline retail is accelerating its transformation [14][19]. - The service retail sector continues to show robust growth, with a year-on-year increase of 4.2% in the service production index [15][19].

商务部机关各司局、特派员办事处、直属事业单位负责同志以及部分驻外使（领）馆经济商务工作负责 人参加会议，驻部纪检监察组有关负责同志列席会议。 来源：商务部网站 会议指出，2025年是"十四五"规划收官之年。商务部党组坚决贯彻习近平总书记重要指示批示精神，完 整、准确、全面贯彻新发展理念，加快构建新发展格局，贯彻落实党中央关于统筹国内经济工作和国际 经贸斗争的重要部署，全力推动商务运行稳中有进，商务高质量发展迈出新步伐、实现新突破、取得新 成效，为顺利完成经济社会发展主要目标提供重要支撑。 会议认为，中央经济工作会议深刻分析了当前经济形势，创造性提出"五个必须"的规律性认识，系统部 署了2026年重点工作任务。要切实把思想和行动统一到党中央的科学判断和决策部署上来，深入学习领 会会议精神，坚决抓好贯彻落实，确保中央经济工作会议部署在商务领域落地见效。 会议强调，2026年是"十五五"规划开局之年，做好商务工作责任重大。要坚持以习近平新时代中国特色 社会主义思想为指导，深刻领悟"两个确立"的决定性意义，增强"四个意识"、坚定"四个自信"、做 到"两个维护"，深入贯彻落实党中央决策部署，更好统筹商务高质量发展和国际 ...

Group 1 - The central economic work conference emphasizes the need to strengthen internal capabilities to address external challenges, providing important guidance for economic work in the coming year [1] - The international environment is increasingly complex, with rising unilateralism and protectionism, leading to significant challenges for global economic growth and increased external pressures on China's development [1] - Domestic economic challenges include a prominent contradiction between strong supply and weak demand, with risks in key areas that can be resolved through focused efforts [1] Group 2 - The strategy to build a strong domestic market aims to enhance domestic circulation, leveraging China's vast internal demand to counter international uncertainties and reshape competitive advantages [2] - The focus is on boosting consumption and investment through a dual approach of supply and demand, fostering a positive interaction between them to enhance the internal dynamics of the economy [2] - The commitment to a manufacturing powerhouse strategy includes maintaining a reasonable proportion of manufacturing, developing advanced manufacturing, and creating a modern industrial system centered on advanced manufacturing [2] Group 3 - There is a call to enhance independent innovation capabilities and seize the high ground in technological development, emphasizing the need for systematic deployment in key core technology breakthroughs [3] - The focus is on original and disruptive innovation to fundamentally address core scientific and technical issues, with an emphasis on building regional innovation systems and technology innovation centers [3] - The integration of innovation resources into enterprises is crucial for deepening the fusion of technological and industrial innovation, reinforcing the role of enterprises as the main body of technological innovation [3]

纵深推进全国统一大市场建设，是事关高质量发展和应对风险挑战的重大命题。近期，经济日报围 绕"打通全国统一大市场堵点卡点"热点问题刊发系列调研报告，引起专家学者的关注和热议。如何科学 把握全国统一大市场的深层意蕴？如何认识卡点堵点背后的多重成因？如何坚持破立并举推动建设？专 家学者围绕这些问题从理论、实践和制度创新等方面探讨答案。 既是聚焦当下的实践问题，也是事关长远的战略问题 市场，是最稀缺的资源。我国拥有14亿多人口、1.9亿户经营主体以及规模庞大的中等收入群体，是全 世界唯一拥有联合国产业分类中全部工业门类的国家，经济版图纵深广阔，市场发展潜力巨大。聚焦高 效规范、公平竞争、充分开放建设全国统一大市场，回应的是畅通经济循环的现实需要，指向的是大国 博弈中打造竞争新优势的战略布局。 国家发展改革委经济研究所副所长郭丽岩表示，纵深推进全国统一大市场建设，是构建新发展格局、推 动高质量发展的有力支撑。通过建设全国统一大市场，促进商品要素资源在更大范围内有序流动、高效 配置，构建促进创新、优胜劣汰的良性市场环境和竞争秩序，能够形成供需互促、产销并进、畅通高效 的经济循环体系。 "这也是进一步全面深化改革的迫切需要 ...

明优势，增信心。深刻把握优势、用足用好优势，是做好经济工作的基本前提和重要方法。优势何在？ 这就是"十五五"时期"中国特色社会主义制度优势、超大规模市场优势、完整产业体系优势、丰富人才 资源优势更加彰显。"我们要发挥好这"四大优势"，保持战略定力，更加积极有为，不断化优势为胜 势、变潜力为实力。 来源：央广网 坚持和加强党的全面领导是推进中国式现代化的根本保证。形势越是复杂，越要加强党对经济工作的全 面领导，把党中央加强构建新发展格局、着力推动高质量发展的要求落实落细到经济社会发展各方面全 过程，确保一张蓝图绘到底。我们要坚持扩大内需这个战略基点，一手增强消费品供需适配性，一手纵 深推进全国统一大市场建设，不断增强国内大循环内生动力和可靠性。要坚持以科技创新引领产业升 级，构建以先进制造业为骨干的现代化产业体系，巩固壮大实体经济根基；一体推进教育科技人才发 展，投资于物和投资于人紧密结合，不断将人才优势转化为创新优势、发展优势。 即将到来的2026年是"十五五"开局之年，中国经济航船又将开启新的征程。 中央经济工作会议强调，"要坚定信心、用好优势、应对挑战，不断巩固拓展经济稳中向好势头。"这简 短有力的话语中 ...

来源：中国经济网-《经济日报 纵深推进全国统一大市场建设，是事关高质量发展和应对风险挑战的重大命题。近期，经济日报围 绕"打通全国统一大市场堵点卡点"热点问题刊发系列调研报告，引起专家学者的关注和热议。如何科学 把握全国统一大市场的深层意蕴？如何认识卡点堵点背后的多重成因？如何坚持破立并举推动建设？专 家学者围绕这些问题从理论、实践和制度创新等方面探讨答案。 既是聚焦当下的实践问题，也是事关长远的战略问题 市场，是最稀缺的资源。我国拥有14亿多人口、1.9亿户经营主体以及规模庞大的中等收入群体，是全 世界唯一拥有联合国产业分类中全部工业门类的国家，经济版图纵深广阔，市场发展潜力巨大。聚焦高 效规范、公平竞争、充分开放建设全国统一大市场，回应的是畅通经济循环的现实需要，指向的是大国 博弈中打造竞争新优势的战略布局。 国家发展改革委经济研究所副所长郭丽岩表示，纵深推进全国统一大市场建设，是构建新发展格局、推 动高质量发展的有力支撑。通过建设全国统一大市场，促进商品要素资源在更大范围内有序流动、高效 配置，构建促进创新、优胜劣汰的良性市场环境和竞争秩序，能够形成供需互促、产销并进、畅通高效 的经济循环体系。 "这也 ...