Group 1 - The core viewpoint emphasizes the need for a deep understanding of three strategic guidelines during the 14th Five-Year Plan period, focusing on economic construction, high-quality development, and expanding domestic demand [2][3] - The 14th Five-Year Plan highlights the importance of economic construction as the central task, indicating that economic work remains the focus of the entire party and nation [3] - The plan aims for a per capita GDP of over $20,000 by 2035, requiring an average annual GDP growth of approximately 4.17% during the 14th and 15th Five-Year Plan periods [4] Group 2 - The plan stresses the importance of reform and innovation as fundamental drivers, aiming for breakthroughs in comprehensive reforms and creating a market-oriented, law-based, and international business environment [4][6] - The transition from follower innovation to frontier innovation is deemed essential, focusing on solving technological bottlenecks and enhancing basic research capabilities [6] - Policies to boost consumption and effective investment are outlined, emphasizing counter-cyclical measures, improving social security for low-income groups, and optimizing regulatory policies [7] Group 3 - The plan identifies the need to balance interests among various stakeholders to fully unleash investment potential, particularly in real estate and private investment [7] - The unique advantages of China's economic development are highlighted, suggesting that adherence to central policies will lead to significant achievements in high-quality development [8]

Core Points - The meeting emphasized the importance of the "15th Five-Year Plan" as a critical period for achieving socialist modernization and advancing the "Three Highs and Four News" blueprint for Hunan's development [3][4][5] - The meeting highlighted the need for high-quality development, focusing on advanced manufacturing, technological innovation, and reform and opening-up to enhance economic vitality [7][8] - The meeting called for a comprehensive approach to improve people's livelihoods, promote common prosperity, and ensure ecological sustainability [10][11] Summary by Sections Meeting Overview - The 9th Plenary Session of the 12th Hunan Provincial Committee was held from November 28 to 29, 2025, in Changsha, attended by 83 committee members and 5 alternate members [1][2] Key Themes - The session recognized the extraordinary challenges faced during the "14th Five-Year" period and the significant achievements made under the leadership of the central government [3] - It underscored the importance of the "Two Establishments" as a political guarantee against risks and challenges [3] Development Goals - The "15th Five-Year" period is seen as crucial for laying the foundation for socialist modernization, with a focus on high-quality development and addressing both opportunities and challenges [4][5] - The meeting set ambitious goals for economic strength, technological capability, and overall competitiveness by 2035, aiming for per capita GDP to reach levels of moderately developed countries [6][7] Economic Strategy - The meeting proposed to strengthen the advanced manufacturing sector, enhance the modern industrial system, and ensure that manufacturing value-added exceeds the national average [7][8] - It emphasized the need for a robust domestic market and the integration of new development patterns to stimulate consumption and investment [8] Social and Cultural Development - The meeting called for a focus on cultural development, promoting the integration of culture with technology and tourism to enhance cultural influence [9] - It stressed the importance of improving public services and ensuring equitable access to basic services for all citizens [10] Environmental and Safety Considerations - The meeting highlighted the need for a green transformation in economic and social development, aiming for a beautiful Hunan with a sustainable ecological environment [10][11] - It also emphasized the modernization of the national security system and the importance of maintaining social order [11] Conclusion - The meeting concluded with a call for unity and collective effort to achieve the goals set forth in the "15th Five-Year Plan," reinforcing the leadership of the Communist Party [12]

会上，民革市委主委徐毅松、民盟市委主委陈群、民建市委主委解冬、民进市委主委黄震、九三学 社市委主委钱锋、台盟市委主委刘艳、市工商联主席寿子琪、农工党市委专职副主委姚捷、致公党市委 专职副主委刘新宇、无党派人士代表俞飚分别围绕拓展消费模式和场景、优化消费环境及配套服务、释 放消费潜力、扶持实体商业和新兴业态等方面踊跃发言、建言献策。 记者 孟群舒 龚正说，提振消费、扩大内需是推动高质量发展的内在要求。上海深入贯彻落实中央决策部署，坚 持"政策+活动"双轮驱动，有效发挥政策对消费的杠杆撬动作用，积极发挥重大活动对丰富消费场景、 激发消费活力的促进作用，提振消费、扩大内需的效应正在逐渐释放。下一步，我们将聚焦重点领域， 促进消费扩容提质，带动全市消费结构不断优化、消费能级不断提升。促进服务消费，全面提升服务供 给质量，积极推动文旅商体展深度融合，放大经济效应。扩大入境消费，通过优化离境退税环境等举 措，持续提升入境旅客服务感受度、消费便捷性，打造"中国入境旅游第一站"。培育新型消费，抢抓悦 己消费新趋势，抢占银发经济"新蓝海"，努力在新型消费赛道中抢占制高点、掌握主动权。希望大家继 续充分发挥自身界别特色和人才智力 ...

文/ 国家发展改革委主任 郑栅洁 国家发展改革委主任郑栅洁在人民日报发表署名文章《坚持扩大内需这个 战略基点（学习贯彻党的二十届四中全会精神）》。郑栅洁表示，"十五 五"时期，我国扩大内需机遇和挑战都有新的发展变化，总体上机遇大于 挑战。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。 习近平总书记强调，坚定实施扩大内需战略，构建完整的内需体系，关系我国长远发展和长治久安。党的二十届四中全会通过的《中共中央关于制定国民 经济和社会发展第十五个五年规划的建议》明确指出，坚持扩大内需这个战略基点，促进消费和投资、供给和需求良性互动，增强国内大循环内生动力和 可靠性。"十五五"时期，我们要持续扩大内需，进一步做强国内大循环，为加快构建新发展格局、推动高质量发展提供强有力的保障。 总的看，在重大政策、重大项目、重大工程等的带动下，我国内需规模持续扩大、质量持续提升、国际影响力持续增强，充分彰显了我国经济基础稳、优 势多、韧性强、潜能大，体现了长期向好的支撑条件和基本趋势。党的十八大以来特别 ...

Core Viewpoint - The article emphasizes that stabilizing employment and promoting income growth are fundamental to consumer spending, highlighting the importance of expanding domestic demand as a strategic focus for economic growth [1]. Achievements - China has achieved three global firsts: - New energy vehicle sales have ranked first globally for ten consecutive years [2]. - The consumption of essential goods and services has also reached the highest level globally [2]. - China has become the world's largest consumer market, reflecting its significant role in global economic dynamics [3]. Economic Contribution - From 2013 to 2024, China's economy has maintained an average growth rate of 6.1%, with domestic demand contributing an average of 93.1% to this growth. Specifically, final consumption expenditure contributed 55%, while capital formation accounted for 38.1% [3]. Methodology - The article outlines four key principles for expanding domestic demand: - Continuously enriching and improving the policy framework for expanding domestic demand [5]. - Combining the expansion of domestic demand with addressing shortcomings and improving people's livelihoods [6]. - Integrating the expansion of domestic demand with creating new supply advantages and fostering new growth drivers [6]. - Merging the expansion of domestic demand with deepening reforms and expanding openness [7]. Opportunities and Challenges - The article presents a judgment that during the 14th Five-Year Plan period, the opportunities for expanding domestic demand outweigh the challenges [9]. Specific Deployments - Four specific deployments for expanding domestic demand are highlighted: - Significantly boosting consumer spending [10]. - Actively expanding effective investment [10]. - Implementing a series of major landmark engineering projects [11]. - Advancing the construction of a unified national market [12]. Policy Measures - The article suggests enhancing consumer access to inclusive policies and increasing government funding for social welfare. It also emphasizes the need to improve the social security system to expand consumption while ensuring and improving people's livelihoods [12]. - It calls for addressing barriers to private investment in areas such as market access, resource acquisition, and fair law enforcement [13]. - The article advocates for implementing key projects in service consumption, cultural tourism, and infrastructure to meet the needs of consumption upgrades and an aging population [13]. - It proposes exploring the extension of compulsory education and establishing a public service system based on residential registration [14].

Core Viewpoint - The forum emphasizes the importance of quality consumption and its role in reshaping the consumer market, highlighting the shift from survival-based consumption to development and enjoyment-based consumption as China's GDP per capita surpasses $14,000 [1][3]. Group 1: Quality Consumption Trends - Quality consumption is becoming an unstoppable trend as consumers increasingly pursue a better quality of life, with a significant focus on health as a crucial component of quality consumption [3]. - Consumers are placing greater importance on value for money, practicality, and personalized experiences, seeking products that align with their individual aesthetics, lifestyles, and identities [3][4]. - There is a growing emphasis on green and environmentally friendly attributes, as well as cultural consumption that fulfills both material and spiritual needs [3][4]. Group 2: Economic Implications - The development of quality consumption drives the growth of a quality economy, which in turn meets the demands of quality consumption [4]. - Businesses are encouraged to leverage digital technology to accurately understand and respond to the diverse expectations of consumers regarding a better life [4]. - The role of businesses is shifting from merely selling products to recommending personalized solutions for a better quality of life, emphasizing the need for quality standards and consumer satisfaction [4].

Macro Economic Overview - In the first ten months of the year, the total profit of industrial enterprises above designated size reached 5.95 trillion yuan, a year-on-year increase of 1.9%, although it fell by 1.3 percentage points compared to the first nine months, marking the second-highest point in a year [5] - The manufacturing sector saw a year-on-year growth of 7.7% in the first ten months, down 2.2 percentage points from the first nine months [5] - In October, the profit of industrial enterprises decreased by 5.5% year-on-year, a significant drop from the 21.6% growth in September, with manufacturing profits declining by 10.6% [5] Industry Performance - The profit growth rates varied across industries, with upstream sectors showing divergence, downstream sectors performing poorly, and midstream sectors faring better [6] - Industries with higher year-on-year growth rates in the first ten months included non-ferrous metals, transportation equipment manufacturing, and electronic equipment manufacturing, while coal, steel, and textile industries lagged behind [6] - Specific profit growth rates for various industries in October compared to September and the first ten months are detailed in the report [7] Consumer and Economic Policy - The National Development and Reform Commission emphasized the need to increase residents' income and consumption rates, indicating a shift in policy focus towards enhancing consumer spending rather than fixed asset investment [9] - Recent policy changes, such as extending maternity leave and increasing marriage leave, are expected to boost consumer spending, presenting investment opportunities in consumer-related sectors in the coming years [9] Technological Developments - A meeting on the construction of a space data center revealed plans to build a large-scale data center system in low Earth orbit, with significant technological advancements expected between 2025 and 2035 [10] - The commercial space sector is anticipated to gain attention as applications continue to expand, particularly in the context of AI and energy shortages [10] Company-Specific Developments - Jerry Holdings recently signed a sales contract for gas turbine generator sets for data centers in North America, valued at over 100 million USD, indicating strong demand for gas turbines as a solution to power shortages [11] - The company has established a solid technical foundation in gas turbines and has collaborated with Siemens, suggesting a positive outlook for the gas turbine supply chain [11]

Group 1 - The core viewpoint emphasizes the importance of enhancing the adaptability of supply and demand in consumer goods to stimulate consumption and expand domestic demand as a key economic strategy [1][2] - Recent policies include a total of 300 billion yuan in subsidies for replacing old consumer goods, which have already driven sales exceeding 2.4 trillion yuan in the first ten months of this year [1] - Long-term solutions for boosting consumption require strengthening social security systems and improving income distribution reforms to enhance consumer purchasing power and marginal propensity to consume [1] Group 2 - The implementation plan highlights the need to accelerate the development of artificial intelligence terminal products, transforming technological innovations into convenient consumer applications [2] - Achieving high-level dynamic adaptation of supply and demand should primarily rely on companies' insights into market needs and adjustments in their operational behaviors to strengthen competitiveness [2] - Government roles should focus on institutional innovation to release reform dividends, enforce standards for product safety and environmental upgrades, and foster a conducive environment for technological innovation, rather than directly regulating production [2]

Core Viewpoint - The article emphasizes the importance of implementing a strategy to expand domestic demand, which is crucial for China's long-term development and stability, as outlined in the 20th Central Committee's Fourth Plenary Session [3][4]. Achievements Since the 18th National Congress - Significant achievements in expanding domestic demand have been made, with domestic demand becoming the main driver of economic growth, contributing an average of 93.1% to economic growth from 2013 to 2024 [4]. - Final consumption expenditure and capital formation reached 76.3 trillion yuan and 54.8 trillion yuan in 2024, respectively, which are 2.7 times and 2.2 times the levels in 2012 [4]. - The structure of consumption and investment has continuously upgraded, with the penetration rate of new energy vehicles rising from less than 0.1% in 2013 to 48.9% in 2024 [5]. - China has become a globally influential super-large market, with significant growth in consumption across various sectors, including white goods and mobile phones [5]. Policy Framework and Implementation - A comprehensive policy framework has been established to promote consumption and investment, including the "Strategic Plan for Expanding Domestic Demand (2022-2035)" [6]. - The government has implemented various measures to increase residents' income, with per capita disposable income growing at an average annual rate of 6.1% from 2013 to 2024 [7]. - Major projects in transportation, energy, and ecological protection have been initiated to enhance domestic supply capabilities and foster new growth drivers [8]. New Challenges and Requirements in the 15th Five-Year Plan - The 15th Five-Year Plan period presents new challenges, including the need to address the weak internal consumption dynamics and improve investment efficiency [9]. - Expanding domestic demand is seen as a strategic response to external shocks and a key point for strengthening the domestic economic cycle [10]. - The demand for services such as healthcare and cultural tourism is expected to grow, necessitating a focus on enhancing the quality of life for residents [10]. Strategic Actions for the 15th Five-Year Plan - The government aims to boost consumer spending by optimizing the environment and reducing restrictions on consumption [13]. - Effective investment will be expanded by optimizing investment structures and enhancing the efficiency of investments [14]. - Major landmark engineering projects will be implemented to align with national strategic needs, focusing on urban renewal and new energy systems [15]. - Efforts will be made to deepen the construction of a unified national market, eliminating barriers to market access and promoting the free flow of goods and services [16].

Core Viewpoint - The Chinese government emphasizes the importance of expanding domestic demand as a strategic foundation for long-term development and stability, aiming to enhance the domestic circulation's internal dynamics and reliability [1][8]. Achievements in Expanding Domestic Demand - Since the 18th National Congress, domestic demand has become the main driver of economic growth, contributing an average of 93.1% to economic growth from 2013 to 2024, with final consumption and capital formation contributing 55% and 38.1% respectively [2][3]. - By 2024, final consumption expenditure and capital formation reached 76.3 trillion yuan and 54.8 trillion yuan, respectively, which are 2.7 times and 2.2 times the levels in 2012 [2]. Upgrading Consumption and Investment Structures - The sales of new energy vehicles have ranked first globally for ten consecutive years, with the domestic penetration rate of passenger cars increasing from less than 0.1% in 2013 to 48.9% in 2024 [3]. - The share of service consumption in per capita consumption expenditure rose from 39.7% in 2013 to 46.1% in 2024, while online retail sales of physical goods accounted for 26.8% of total retail sales by 2024, up from 10.8% in 2015 [3]. Global Market Influence - China has become a major global market, leading in the consumption of essential goods and services, with a significant middle-income population driving demand [3]. Policy Framework for Expanding Domestic Demand - The government has implemented various policies to promote consumption and investment, including the "Strategic Plan for Expanding Domestic Demand (2022-2035)" and the issuance of long-term special bonds to support major national strategies [4][5]. Addressing New Challenges in the 15th Five-Year Plan - The 15th Five-Year Plan period presents new challenges, including the need to enhance domestic consumption and investment efficiency, as well as to address the low service consumption ratio compared to developed countries [9][10]. Major Projects and Infrastructure Development - The government plans to implement significant projects in transportation, energy, and ecological protection to stimulate domestic demand and improve supply capabilities [6][14]. Enhancing Consumer Spending - Strategies to boost consumer spending include optimizing the environment for consumption, reducing restrictions, and increasing the supply of quality goods and services [12]. Effective Investment Expansion - The focus is on optimizing investment structures, enhancing the effectiveness of investments, and promoting a positive cycle between investment and consumption [13]. Unified National Market Construction - Efforts are being made to create a unified national market by eliminating barriers and enhancing the flow of goods and services across regions [15].