早在2024年12月召开的中央政治局会议和中央经济工作会议，以及今年政府工作报告中，提出的第一大 任务就是"大力提振消费、提高投资效益，全方位扩大国内需求"。"经济政策的着力点更多转向惠民 生、促消费，以消费提振畅通经济循环，以消费升级引领产业升级"（例如5G和新能源车等）。我认 为，这标志着我国宏观政策的重大转变，具有里程碑意义。传统投资过度扩张是当前我国经济面临的一 大症结。今年三季度，我国产能利用率为74.6%，低于正常水平（我国2006-2019年的产能利用率平均为 77%左右）。因此，正确处理消费和投资的关系十分重要。 我在2023年初就发表文章呼吁"消费和投资 不是相互排斥的关系"（详见《消费和投资不是相互排斥的关系》，《上海证券报》，2023-02-19）。 提振消费不仅能增加总需求、拉动经济增长，还能催生出新生、丰富、高层次消费需求，促进高质效投 资。应认识到只有无效的投资，没有无效的消费。我国消费和投资之间应该实现一种更加平衡的良性互 动。 本次四中全会也明确提出这样的要求，例如"坚持扩大内需这个战略基点，坚持惠民生和促消费、 投资于物和投资于人紧密结合（国家已经在这方面推进部署，比如育儿补 ...

Group 1 - The core viewpoint of the article emphasizes the importance of the "14th Five-Year Plan" as a crucial step towards achieving the second centenary goal by 2035, focusing on high-quality economic development and the balance between qualitative improvement and reasonable quantitative growth [2][3]. - The plan sets a target for maintaining an average annual GDP growth rate of over 4.5% over the next decade, aiming for a per capita GDP exceeding $20,000 by 2035 [3]. - The article highlights the significance of innovation-driven economic development, particularly through the integration of technological and industrial innovation, with a focus on enhancing the productive service sector [5][6]. Group 2 - The article discusses the need for a virtuous cycle between consumption and investment to expand domestic demand, marking a significant shift in macroeconomic policy towards boosting consumption and improving investment efficiency [8][9]. - It suggests that effective consumption can stimulate total demand and promote high-quality investment, advocating for a balanced interaction between consumption and investment [8][9]. - The article also mentions the importance of tax reforms to enhance local government incentives for promoting consumption, such as optimizing the VAT distribution mechanism [9]. Group 3 - The article addresses the internationalization of the RMB and the need for exchange rate policies to adapt to new circumstances, highlighting China's dual investment strategy of "bringing in" and "going out" [10][11]. - It notes that China's direct investment outflow has surpassed foreign direct investment inflow since 2015, with a diversification of trade partners and a decrease in trade concentration among the top three partners [11]. - The article suggests that the RMB could be considered a quasi-safe-haven currency, which would enhance its role in global investment portfolios and mitigate capital outflow pressures [12].