Core Viewpoint - The article discusses the recent release of the "Suggestions" by the Central Committee of the Communist Party of China regarding the 15th Five-Year Plan, emphasizing the need for a more systematic and effective macroeconomic governance framework to support high-quality economic development. Group 1: Macroeconomic Governance - The "Suggestions" highlight the importance of enhancing macroeconomic governance efficiency and establishing a high-level socialist market economy system [1] - The focus is on optimizing the policy framework and execution mechanisms to support an economy driven by domestic demand, consumption, and endogenous growth [1] Group 2: Policy Coordination - There is a call for stronger strategic guidance and policy coordination to ensure consistency in macroeconomic policy orientation [2] - The need to break down departmental barriers and promote a unified policy approach is emphasized to achieve synergistic effects [2] Group 3: Fiscal Policy - The implementation of proactive fiscal policies will not only involve expanding fiscal spending but also improving spending efficiency and sustainability [2] - The establishment of a budget allocation mechanism centered on policy performance and project necessity is crucial for optimizing fiscal resource allocation [2] Group 4: Debt Management - The "Suggestions" propose accelerating the establishment of a long-term government debt management mechanism to address existing debt and prevent hidden debt expansion [3] - A comprehensive lifecycle management system for debt financing, budget constraints, risk warnings, and emergency responses is recommended [3] Group 5: Financial Sector Development - There is an emphasis on building a strong financial nation, with a focus on developing technology finance, green finance, inclusive finance, pension finance, and digital finance [3] - The financial system is expected to lead and shape future industries through innovative financial products and risk pricing mechanisms [3] Group 6: Capital Market Transformation - The capital market is transitioning from a financing-led model to a platform that coordinates investment and financing [4] - Systematic reforms are aimed at enhancing the quality of listed companies and improving shareholder return mechanisms to attract long-term capital [4] Group 7: Economic Development Model - The overall strategy aims to strengthen the coordination of fiscal and monetary policies while leveraging various policy tools to promote an economy driven by domestic demand and consumption [4]

Core Viewpoint - Japan's economic structure has remained heavily reliant on the automotive industry since 1985, with ongoing challenges in transitioning to a demand-driven economy despite efforts outlined in the "Maekawa Report" [1][4]. Group 1: Economic Structure and Policy - The "Maekawa Report" emphasizes the need for Japan to shift from an export-driven economy to one that is more focused on domestic demand, highlighting the importance of flexible monetary policy to stabilize both internal and external currency values [1][4]. - Following the Plaza Accord in 1985, Japan's economic strategy has been centered around internationalization and economic openness, as evidenced by the privatization of NTT, which marked a significant deregulation milestone [2]. Group 2: Market Performance and Challenges - NTT's stock, which became the world's most valuable upon its 1987 listing, failed to produce globally competitive IT products, with the introduction of the iPhone in 2007 marking a significant shift in the mobile market that Japan could not capitalize on [2]. - Japan's trade structure remains largely unchanged, with automotive exports constituting 17% of total exports in 2024, a slight decline from 19% in 1985, indicating persistent reliance on this sector [2]. Group 3: Labor Market and Entrepreneurship - Japan's labor market remains closed, with a low entrepreneurship rate of 3.1%, significantly below the U.S. (11.6%) and the U.K. (11.5%), which hinders the attraction of foreign investment [3]. - Despite the introduction of the Equal Employment Opportunity Law in 1985, progress in integrating women into the workforce has been slow, with Japan ranking 118th out of 146 countries in the Global Gender Gap Index [3]. Group 4: Monetary Policy and Exchange Rates - The Bank of Japan's recent publications on monetary policy and exchange rates indicate a shift in internal dynamics, suggesting a reevaluation of the relationship between monetary policy and currency management [3].