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 vitality and reliability during the 14th Five-Year Plan period [1][8]. Achievements in Expanding Domestic Demand - Since the 18th National Congress, domestic demand has become the main driving force for 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 will reach 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]. 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 14th Five-Year Plan - The 14th 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]. - The government aims to meet the diverse and personalized needs of the population, particularly in areas such as healthcare, education, and cultural tourism, to improve living standards [9][10]. Implementation of Key Projects - The government plans to implement significant engineering projects in urban renewal, strategic transportation, and new energy systems, while also focusing on service consumption infrastructure [14][15]. Promoting a Unified National Market - Efforts are being made to eliminate barriers to market access and improve the efficiency of the domestic market, including reducing the number of negative lists for market entry and enhancing the logistics system [15].

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 [1] Achievements Since the 18th National Congress - Domestic demand has become the main driving force for 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] - 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 that of 2012 [2] - 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 [3] - China has become a globally influential super-large market, with significant growth in per capita consumption of white goods and mobile phones [3] 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)" [4] - Employment and social security policies have been implemented to increase residents' income, with per capita disposable income growing at an average annual rate of 6.1% from 2013 to 2024 [5] - Major projects in transportation, energy, and ecological protection have been initiated to enhance supply-side advantages and foster new development momentum [6] New Challenges and Requirements for the 15th Five-Year Plan - The 15th Five-Year Plan period is critical for expanding domestic demand amid complex international and domestic conditions [8] - There is a need to address issues such as weak consumer motivation and investment efficiency, as well as barriers in the unified national market [9] - The strategy to expand domestic demand is essential for meeting the diverse needs of the population and improving living standards [9] Strategic Actions for the 15th Five-Year Plan - Efforts will focus on boosting consumer spending by optimizing the environment and reducing restrictions on consumption [12] - Investment structures will be optimized to stimulate private investment and enhance the quality of projects [13] - Major landmark engineering projects will be implemented in key areas such as urban renewal and new energy systems [14] - The construction of a unified national market will be advanced to eliminate barriers and promote the smooth flow of goods and factors [15]

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 [1] Achievements Since the 18th National Congress - Domestic demand has become the main driving force for 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] - By 2024, final consumption expenditure and capital formation will reach 76.3 trillion yuan and 54.8 trillion yuan, which are 2.7 times and 2.2 times the levels in 2012 [2] - The structure of consumption and investment has been continuously upgraded, with the penetration rate of new energy vehicles rising from less than 0.1% in 2013 to 48.9% in 2024 [3] - China has become a globally influential super-large market, with significant growth in per capita consumption of white goods and mobile phones [3] 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)" [4] - Employment-first policies and social security system improvements have led to an average real growth of 6.1% in per capita disposable income from 2013 to 2024 [5] - Major projects in transportation, energy, and ecological protection have been initiated to enhance domestic demand and supply capabilities [6] New Challenges and Requirements for the 15th Five-Year Plan - The 15th Five-Year Plan period is critical for expanding domestic demand amid complex international and domestic conditions [8] - There is a need to address issues such as low consumer spending and investment efficiency, as well as barriers in the unified national market [9] - The strategy to expand domestic demand is essential for meeting the diverse needs of the population and improving living standards [9] Strategic Actions for Expanding Domestic Demand - Measures to boost consumer spending include optimizing the environment for consumption and reducing restrictions [11] - Effective investment expansion strategies focus on optimizing investment structures and enhancing the efficiency of investments [13] - Implementation of major landmark projects in key sectors such as urban renewal and new energy systems is planned [14] - Efforts to deepen the construction of a unified national market will focus on eliminating barriers and promoting the smooth flow of goods and factors [15]

Core Insights - The article 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] - It highlights that boosting consumption is a systemic project requiring not only financial incentives but also structural reforms in social security and income distribution to enhance consumer purchasing power [1] - The need for high-quality goods and services is stressed, particularly in the context of evolving consumer preferences, necessitating upgrades in supply-side capabilities [1][2] Summary by Sections Policy Initiatives - Recent measures by six government departments aim to enhance the adaptability of consumer goods supply and demand, continuing the focus on expanding domestic demand [1] - A total of 300 billion yuan in subsidies for replacing old consumer goods has generated over 2.4 trillion yuan in sales in the first ten months of the year [1] Structural Reforms - Long-term consumption enhancement requires building a robust social security system and reforming income distribution to improve consumer capacity and marginal propensity to consume [1] - The article stresses the importance of investing in human capital to achieve these goals [1] Supply-Side Upgrades - The need for producers to respond quickly to market demands and provide better-suited products is highlighted, addressing mismatches in supply and demand [1] - The article calls for a shift from merely increasing production to producing more adaptable and higher-quality goods [1] Technological Innovation - The implementation plan emphasizes accelerating the development of artificial intelligence terminal products, transforming technological innovations into consumer conveniences [2] - Sustainable development in technology and industry upgrades is linked to enhanced consumer demand [2] Role of Enterprises - The article asserts that achieving high-level dynamic adaptation of supply and demand should primarily rely on enterprises understanding market needs and adjusting their operations [2] - Government's role is to create a conducive environment for enterprises through institutional innovation and setting standards for safety and environmental considerations [2]

Core Viewpoint - The article emphasizes the importance of expanding domestic demand as a strategic foundation for China's long-term development and stability, highlighting the need for a complete domestic demand system to support high-quality growth and a new development pattern [3][10]. Achievements in Expanding Domestic Demand - Since the 18th National Congress, China has significantly improved the quality of domestic supply and continuously released consumption and investment demand, with domestic demand contributing an average of 93.1% to economic growth from 2013 to 2024 [4][6]. - 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 been upgraded, with the penetration rate of new energy vehicles reaching 48.9% in 2024 and service consumption accounting for 46.1% of per capita consumption expenditure [5]. Policy Framework for Expanding Domestic Demand - A comprehensive policy framework has been established 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 [6][7]. - Employment and social security policies have been implemented to increase residents' income, with per capita disposable income growing at an average annual rate of 6.1% from 2013 to 2024 [7]. New Challenges and Requirements for the 14th Five-Year Plan - The 14th 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 [11]. - Expanding domestic demand is essential for countering external shocks and ensuring economic stability amid rising global uncertainties and competition in technology and industry [10]. Implementation of the 14th Five-Year Plan - Key strategies include boosting resident consumption by optimizing the environment and reducing restrictions, as well as expanding effective investment by enhancing the structure and efficiency of investments [14][15]. - Major landmark projects will be implemented in areas such as urban renewal, energy systems, and public service infrastructure to meet the evolving needs of the population [16]. - Efforts will be made to deepen the construction of a unified national market, eliminating barriers to the flow of goods and factors, and promoting a competitive market environment [17].

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 and promote high-quality growth during the 14th Five-Year Plan period [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 will reach 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 14th Five-Year Plan - The 14th 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]. Investment Expansion Strategies - The focus is on optimizing investment structures, enhancing the effectiveness of investments, and promoting public-private partnerships to stimulate private investment [13]. Unified National Market Development - Efforts are being made to create a unified national market by removing barriers to market access and improving the efficiency of market operations [15].

此外，这也是统筹推进扩大内需战略和供给侧结构性改革的具体体现。本次实施方案从多处强调要 加快开发人工智能终端产品，让科技创新能真正从惊艳的技术，变成消费者身边的便利；有了更进一步 的需求牵引，科技创新、产业升级也才有可持续发展的动力。 当然，推动实现供需高水平的动态适配，应当主要依靠企业本身洞察市场需求、调整经营行为，从 而夯实竞争力。在这个过程中，政府部门绝不是也绝不能代替企业进行生产调节，而是通过制度创新释 放改革红利，通过强制标准引领推进产品往更加安全、环保等方面升级，通过培育良好的发展环境促进 科技创新等，为企业在生产端提供更好的外部条件。 （责任编辑：王治强 HF013） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 证券时报记者 秦燕玲 工信部等六部门近日出台系列举措增强消费品供需适配性，推动进一步扩大消费。这是一段时间以 来将扩大内需作为经济工作重中之重的政策延续。 提振消费、扩大内需是一 ...

Core Viewpoint - The article emphasizes the importance of expanding domestic demand as a strategic foundation for China's long-term development and stability, as outlined in the 15th Five-Year Plan, aiming to enhance the domestic circulation's internal dynamics and reliability [1][8]. 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 [2]. - 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 [2]. - The structure of consumption and investment has been continuously upgraded, with the penetration rate of new energy vehicles rising from less than 0.1% in 2013 to 48.9% in 2024 [3]. Policy Framework and Implementation - A comprehensive policy framework has been established to support the expansion of domestic demand, including the "Strategic Plan for Expanding Domestic Demand (2022-2035)" [4]. - The government has implemented various measures to boost consumption and investment, including the issuance of long-term special bonds to support major national strategies and projects [4][5]. 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]. - The strategy to expand domestic demand is seen as essential for countering external shocks and enhancing the resilience of the economy [8]. Major Initiatives for Expanding Domestic Demand - Key initiatives include boosting resident consumption by optimizing the environment and reducing restrictions, as well as expanding effective investment by improving investment structures and enhancing project quality [12][13]. - The implementation of significant landmark projects is planned to align with national strategic needs, focusing on urban renewal and major infrastructure [14]. National Market Integration - Efforts are being made to deepen the construction of a unified national market, eliminating barriers to the flow of goods and factors, and promoting a competitive market environment [15].

Core Viewpoint - The macroeconomic environment faces increasing pressure and challenges due to external demand slowdown and weakened domestic demand, but positive factors are accumulating, indicating that the annual economic growth target remains achievable [1] Economic Performance - From January to October, profits of industrial enterprises above designated size increased by 1.9% year-on-year, with cumulative growth maintained for three consecutive months since August [1][2] - The revenue of industrial enterprises above designated size grew by 1.8% year-on-year, creating favorable conditions for profit recovery [2] - High-tech and equipment manufacturing sectors are the main driving forces, with profits in the equipment manufacturing sector rising by 7.8% and high-tech manufacturing profits increasing by 8.0% [2] Industrial Profit Trends - In specific sectors, profits in graphite and carbon products manufacturing, biochemical pesticides, and cultural information chemicals manufacturing saw significant increases of 77.7%, 73.4%, and 19.1% respectively [3] - The report from Guotai Junan Securities suggests that sustained profit improvement requires ongoing supply-side structural optimization and effective demand expansion policies [3] Physical Indicators - Social electricity consumption reached 857.2 billion kWh in October, a year-on-year increase of 10.4%, marking the highest monthly growth rate this year [4] - Railway freight volume reached a historical high of 3.378 billion tons from January to October, with a year-on-year growth of 3% [5] - The express delivery business volume grew by 16.1% year-on-year, reaching 162.68 billion pieces in the first ten months [5] - Excavator sales increased by 17% year-on-year, with domestic sales up by 19.6% and exports up by 14.4% [5][6] Policy Support - The "Two Heavy" construction initiative is a key focus for expanding effective investment and fostering new productive forces, with significant funding allocated for major projects [7][8] - The National Development and Reform Commission is promoting the expansion of infrastructure REITs, covering various sectors including logistics, public utilities, and clean energy [9] - New policy financial tools have been fully deployed, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan, focusing on digital economy and urban renewal [10]

工信部等六部门近日出台系列举措增强消费品供需适配性，推动进一步扩大消费。这是一段时间以来将 扩大内需作为经济工作重中之重的政策延续。 此外，这也是统筹推进扩大内需战略和供给侧结构性改革的具体体现。本次实施方案从多处强调要加快 开发人工智能终端产品，让科技创新能真正从惊艳的技术，变成消费者身边的便利；有了更进一步的需 求牵引，科技创新、产业升级也才有可持续发展的动力。 提振消费、扩大内需是一项系统性工程。去年以来，政策层面就对提振消费的需求侧作出诸多安排，包 括影响面广、拉动效果直接的消费品以旧换新补贴、育儿补贴等。最新数据显示，今年总额为3000亿元 的消费品以旧换新"国补"资金，仅前10个月就已经带动销售额超2.4万亿元。但提振消费绝非仅靠"发 钱"就能够解决，尤其是从长期发展角度来看，归根结底要通过进一步筑牢社会保障屏障、完善收入分 配制度改革，增强消费者的消费能力、提高边际消费倾向，目前相关部门频繁强调要"投资于人"也在于 此。 当然，推动实现供需高水平的动态适配，应当主要依靠企业本身洞察市场需求、调整经营行为，从而夯 实竞争力。在这个过程中，政府部门绝不是也绝不能代替企业进行生产调节，而是通过制度创新 ...