Group 1 - The overall price level in China remains low, primarily due to supply-demand imbalances in the domestic economy, with experts emphasizing that inflation is fundamentally driven by economic supply and demand factors rather than merely monetary phenomena [1] - The historical context of the view that "inflation is a monetary phenomenon" is based on conditions where the growth rate of money supply consistently exceeds that of output, which is not the case in China's current economic landscape [1] - China's macroeconomic policies have shifted from promoting investment to ensuring supply, leading to a situation of oversupply, with the main constraint on prices being insufficient demand [1] Group 2 - Expanding domestic demand and addressing internal competition are expected to facilitate economic circulation and promote a reasonable recovery in prices [2] - The People's Bank of China has implemented a series of financial policies to support service consumption, reflecting the central government's commitment to boosting consumption and expanding domestic demand [2] - Recent measures to optimize supply include the implementation of regulations to address low-price competition and the orderly exit of outdated production capacity, which are anticipated to create a more rational competitive environment and positively impact price recovery [2]

Group 1 - The core viewpoint emphasizes that the current economic situation in China is characterized by insufficient demand rather than supply shortages, which is different from the historical context of inflation being viewed as a monetary phenomenon [1][2] - Experts suggest that expanding domestic demand and addressing internal competition issues are expected to facilitate economic circulation and promote a reasonable recovery in prices [1][2] Group 2 - From the perspective of expanding domestic demand, the central bank has maintained significant support through various financial policies, including the introduction of tools for service consumption and elderly care refinancing [2] - The implementation of policies aimed at optimizing supply, such as the "Regulations on Payment of Funds to Small and Medium Enterprises," is expected to address issues of low-price disorderly competition and promote the orderly exit of backward production capacity [2] - The anticipated improvement in social security levels, including healthcare and education, is expected to enhance residents' consumption capacity and willingness, contributing to economic recovery [2]