（作者为北京大学经济学院教授、北京大学国民经济研究中心主任，本报记者郭雪岩采访整理） （文章来源：人民日报） 影响消费动力的原因可总结为两方面。收入预期不稳。2025年全国居民人均可支配收入增速较上年有所 下降。收入来源稳定、预期平稳增长，居民就能正常安排支出，有改善生活质量、增加消费的底气。供 需不匹配。2025年消费品价格同比下降0.3%，反映出实物消费品供给过剩。与之相对，高质量、高附 加值消费需求旺盛，但供给相对不足，如哪吒的火爆出圈、"情绪价值"类消费品的流行，需进一步推进 供给侧升级。 推动消费增长，可从三方面发力。完善保障机制，着眼长远制定实施城乡居民增收计划，涉及收入分配 设计、体制机制改革等；短期则可通过完善医保体系等，降低居民顾虑。健全法律法规，规范市场，畅 通投诉渠道，透明执法监督，让消费者权益在发生纠纷时能得到保障，降低消费隐性成本，提升消费活 力。持续清理消费领域不合理限制措施，进一步落实带薪休假政策，引导错峰休假，进一步放开部分二 线城市买房、买车限制等。 2025年我国社会消费品零售总额首超50万亿元，超大规模市场优势持续显现。2025年投入3000亿元用于 消费品以旧换新，社会 ...

Core Viewpoint - The article emphasizes the importance of maintaining focus and strategic discipline in a rapidly changing market, using Costco and Pinduoduo as examples of companies that have successfully adhered to their core business models over the years [2][3][13]. Group 1: Company Focus and Strategy - Costco has maintained a singular focus on warehouse membership retail since its inception, contrasting with Walmart's expansive approach, resulting in Costco achieving nearly three times the revenue efficiency per store and a significantly higher return on equity [2]. - Pinduoduo, similar to Costco, has not deviated from its e-commerce core despite the evolving competitive landscape, showcasing a unique position in the Chinese internet sector with consistent double-digit revenue growth [3][12]. - The company’s strategic restraint is highlighted as a strength, allowing it to concentrate resources on its primary business rather than diversifying into numerous new ventures [13][15]. Group 2: Market Dynamics and Consumer Insights - The article describes the Chinese consumer market as a train moving through a tunnel, with different segments at various stages of consumption, indicating that Pinduoduo has effectively targeted the underserved "five-ring outer" market [4][5]. - Pinduoduo capitalized on the significant growth in mobile internet users, which doubled from 2015 to 2025, by focusing on the needs of lower-tier consumers who were previously overlooked by traditional e-commerce platforms [5][6]. - The company simplified the purchasing process for consumers, particularly targeting older users, by minimizing steps to complete transactions, thus enhancing accessibility [6][8]. Group 3: Supply Chain and Efficiency Innovations - Pinduoduo's model contrasts with traditional e-commerce by employing a "demand-driven" approach, aggregating consumer demand to create stable orders for manufacturers, thereby enhancing supply chain efficiency [8][9]. - The company has developed innovative logistics solutions to address the challenges faced by consumers in remote areas, significantly increasing order volumes in previously neglected regions [10][11]. - Pinduoduo's focus on efficiency has led to a restructuring of supply chains, allowing manufacturers to connect directly with consumers, thus reducing costs and inventory risks [9][10]. Group 4: Long-term Vision and Organizational Structure - The company’s long-term focus on internal value and operational stability has been crucial for its sustained growth, maintaining a flat organizational structure that supports quick decision-making [13][14]. - Pinduoduo's management style reflects a sense of urgency and a startup mentality, with core team members remaining actively involved in new initiatives, ensuring continuity and adaptability [14][15]. - The company aims to balance efficiency with fairness and growth with responsibility, indicating a commitment to evolving its business model in response to complex market dynamics [15].