Core Viewpoint - The main challenge facing the economy since the shift in growth rate in 2010 is demand constraints, particularly insufficient terminal demand, which is highlighted by a structural deviation of approximately 20 percentage points in consumption as a share of GDP compared to the international average [1][2]. Group 1: Economic Challenges - The core issue is insufficient terminal demand, primarily characterized by a lack of service consumption, especially in areas such as education, healthcare, social security, and elderly care, which are related to developmental consumption and basic public services [1][2]. - This structural deviation has been previously masked by the rapid growth of non-productive investments in real estate and infrastructure, but as the growth rate of these sectors has significantly declined, consumption shortfalls have become a bottleneck, leading to overcapacity and nominal growth falling below actual growth [1][2]. Group 2: Recommendations for Growth - During the "14th Five-Year Plan" period, it is proposed that increasing the resident consumption rate should be a hard task for stabilizing growth, with a recommendation to raise it by no less than 1 percentage point each year, aiming for a cumulative increase of 5 percentage points over five years to inject fresh vitality into economic growth [1][2].

Core Insights - The "14th Five-Year Plan" period presents multiple opportunities for China's economic growth, driven by deep urbanization, frontier innovation, and the construction of a modern industrial system [1][2] - Experts emphasize the importance of activating diverse growth drivers and enhancing potential growth levels through structural reforms and technological advancements [2][4] Economic Growth Opportunities - The construction of a modern industrial system, strong domestic market, regional coordinated development, and technological innovation are expected to create significant investment scales during the "14th Five-Year Plan" [3] - The emergence of new enterprises, exemplified by DeepSeek, is anticipated to contribute to future growth [2] Policy Support - There is ample room for fiscal and monetary policy adjustments, with a focus on addressing fundamental issues to boost terminal demand [5][6] - The combination of proactive fiscal policies and moderately loose monetary policies is expected to effectively support economic recovery [2][5] Consumption and Demand - Expanding consumption should focus on addressing the low structural proportion of terminal consumption, with policy funds directed towards increasing income for middle and low-income groups [6] - The development of a consumption powerhouse requires attention to both increasing imports and enhancing service consumption [6] Capital Market Development - The development of the capital market is highlighted as a key focus during the "14th Five-Year Plan," with recommendations to integrate investment and financing, enhance derivative markets, and improve the management of listed companies [7]

Core Insights - The "14th Five-Year Plan" period presents multiple opportunities for China's economic growth, driven by deep urbanization, frontier innovation, and the construction of a modern industrial system [1][2] - Experts emphasize the importance of activating diverse growth drivers and enhancing potential growth levels through structural reforms and technological advancements [2][4] Group 1: Economic Growth Opportunities - The construction of a modern industrial system, strong domestic market, and technological innovation are expected to create significant investment scales during the "14th Five-Year Plan" period, which will boost economic growth in 2026 [3] - The emergence of new enterprises, exemplified by DeepSeek, is anticipated to lead future growth, alongside deep urbanization and consumption upgrades [2][3] Group 2: Policy Support and Financial Environment - There is ample room for fiscal and monetary policy adjustments, with a focus on addressing fundamental issues to enhance terminal demand [5][6] - Recent macroeconomic policy adjustments have shown positive effects, including asset price recovery and improved corporate balance sheets, indicating a supportive environment for growth [4][5] Group 3: Consumer Demand and Structural Reforms - Expanding consumption requires addressing the low structural proportion of terminal consumption, with policy funds directed towards increasing income for low- and middle-income groups [6] - Recommendations include reallocating state-owned equity capital to social security funds and enhancing rural residents' property income through unified land management [6] Group 4: Capital Market Development - Developing the capital market is highlighted as a key focus for the "14th Five-Year Plan," with emphasis on integrating investment and financing, enhancing derivative markets, and improving listed companies' value management [7]

Group 1 - The "14th Five-Year Plan" period presents multiple opportunities for China's economic growth, driven by deep urbanization, frontier innovation, and the construction of a modern industrial system [1][2] - Experts emphasize the importance of activating diverse growth drivers and enhancing potential growth levels through structural reforms and the release of demographic dividends [1][2] - The implementation of proactive fiscal policies and moderately loose monetary policies will effectively support economic recovery and growth [2][3] Group 2 - The construction of a modern industrial system, strong domestic market, regional coordinated development, and technological innovation are expected to generate considerable investment scale during the "14th Five-Year Plan" period [2] - The accumulation of positive factors, such as asset price restructuring and corporate balance sheet recovery, is accelerating, indicating a favorable economic outlook [2][3] - There is significant room for further monetary policy easing, as the Loan Prime Rate (LPR) has remained stable for six months, and fiscal policies are being optimized to expand the scope for action [3] Group 3 - Expanding consumption should focus on addressing the structural issues of low terminal consumption ratios, with policy funds directed towards increasing income for low- and middle-income groups [3] - The development of a consumption-driven economy requires attention to both increasing imports and fostering service consumption, particularly developmental consumption [3] - The development of capital markets is highlighted as a key focus for the "14th Five-Year Plan," emphasizing the integration of investment and financing, and enhancing the management of listed companies [4]