Core Viewpoint - The minimum wage system is a crucial arrangement for protecting the basic rights of workers and serves as an important policy tool for regulating income distribution and expanding domestic demand [2] Group 1: Importance of Adjusting Minimum Wage - Reasonable adjustments to the minimum wage level play a significant role in increasing residents' income and expanding domestic demand [3] - Research indicates that raising the minimum wage directly increases the income of low-income workers and has a spillover effect on slightly higher-income workers [3] - The marginal propensity to consume among low- and middle-income groups is higher, meaning that an increase in income leads to a greater proportion of consumption compared to other income groups [3] Group 2: Impact on Employment and Business - Adjusting the minimum wage does not significantly affect fair competition among businesses and has a minimal impact on overall business profitability [4] - The increase in minimum wage may have both suppressive and expansive effects on employment, but the expansive effect is currently greater in the context of China's macroeconomic situation [4] - Raising the minimum wage can stimulate domestic demand and create new growth points, which is essential for addressing the current economic challenges of excess production capacity and insufficient demand [4] Group 3: International Experience and Standards - The level at which minimum wage should be set is a primary issue faced by countries, with many using the ratio of minimum wage to average wage as a reference [6] - In 2022, over 80% of countries had a minimum wage that was more than 30% of the average wage, while China's ratio has been declining [7] - Various countries employ different mechanisms for adjusting minimum wage, including government-led, tripartite negotiation, and automatic indexation methods [8] Group 4: Current Status and Trends in China - Since its implementation in 1995, China's minimum wage has been determined regionally, with significant variations across provinces [9] - The average minimum wage in China has increased from 182 RMB/month in 1995 to 2029 RMB/month in 2025, reflecting a growth rate of 8.4% annually [9] - The ratio of minimum wage to average wage in China has significantly decreased, currently standing at around 25.1%, which is lower than many comparable countries [10][11] Group 5: Issues and Policy Recommendations - The current minimum wage system in China has inconsistencies in determining and adjusting standards, leading to a lack of binding methods [13] - Local governments face conflicts of interest when setting minimum wage levels, as raising wages can increase fiscal burdens [14] - Recommendations include establishing a unified method for determining minimum wage based on its ratio to average wage and gradually increasing this ratio to around 30% [15][16]

Core Viewpoint - The "Beijing Action Plan for Deepening Reform to Boost Consumption" was officially released, focusing on six major areas and proposing 24 tasks aimed at increasing residents' income and reducing burdens, with a specific emphasis on improving the minimum wage adjustment mechanism [1] Group 1: Minimum Wage Standard - From 2010 to 2023, Beijing's minimum wage standard increased from 5.5 yuan per hour and 960 yuan per month to 13.91 yuan per hour and 2420 yuan per month, indicating potential for further increases [2] - The expectation for raising the minimum wage is driven by the public, especially low-income workers, and is seen as essential for stimulating domestic consumption in the context of complex international economic conditions [2] Group 2: Optimization of Adjustment Mechanism - The current minimum wage adjustment mechanism in Beijing is relatively clear but can be optimized by establishing a scientific calculation formula that considers factors like CPI, average social wage, and unemployment insurance [3] - A more precise adjustment mechanism would require a collaborative approach among relevant departments to ensure effective implementation and to pause adjustments only after thorough analysis in case of uncontrollable economic factors [3] Group 3: Broader Impact of Minimum Wage Adjustment - The adjustment of the minimum wage standard not only benefits low-income groups but also sends a signal to the market encouraging companies to raise wages across different job levels to maintain salary ratios [4] - The increase in minimum wage can lead to wage increases for positions close to the minimum wage, thereby positively impacting low and middle-income earners, which in turn supports consumption growth [4][5]