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]