●国务院发展研究中心发展战略和区域经济研究部 加大"知识资本"等无形资产的投入和培育，形成强大的内生增长动力。随着新一轮科技革命和产业变革 的繁荣发展，研发、软件、数据、品牌等"知识资本"为核心的无形资产日益成为支撑新质生产力发展的 先进优质生产要素。要积极落实《建议》要求，一是加强基础研究战略性、前瞻性、体系化布局，提高 基础研究投入比重，加大长期稳定支持。二是健全数据要素基础制度，建设开放共享安全的全国一体化 数据市场，促进数字经济和实体经济深度融合，全面实施"人工智能＋"行动，全方位赋能千行百业。三 是加强知识产权保护和运用，深度参与国际知识产权治理，营造具有全球竞争力的开放创新生态。四是 增强质量技术基础能力，强化标准引领、提升国际化水平，加强品牌建设。 （据《党建》） 坚持惠民生和促消费紧密结合，以居民收入增长带动消费增长。当前，我国消费需求不足，人均消费水 平与发达国家的差距远大于人均GDP水平的差距，消费提升空间较大。要积极落实《建议》的相关要 求，一是完善劳动者工资决定、合理增长、支付保障机制，推行工资集体协商制度，健全最低工资标准 调整机制，加强企业工资分配宏观指导。多渠道增加城乡居民财产性 ...

●孙豪 龙少波 《建议》提出，"促进形成更多由内需主导、消费拉动、内生增长的经济发展模式"。中央经济工作会议 也将"坚持内需主导，建设强大国内市场"放在八大重点任务之首。这些规划目标和重点任务共同指向中 国经济发展模式转型，即中国须通过建设强大国内市场和构建双循环新发展格局，形成更多由内需主 导、消费拉动、内生增长的经济发展模式。 第一个转向是经济发展模式从投资驱动型转向消费拉动型。中国已走过投资驱动型经济发展阶段，当前 正处于内需主导型经济阶段，需要通过扩大消费促进形成更多由内需主导、消费拉动、内生增长的经济 发展模式。具体到中国实践，在改革开放初期，生产力水平较低，经济工作的重点是扩大生产。在处理 积累与消费的比例关系上，采取了增加积累、防止过度消费以保障投资的策略。进入21世纪以来，随着 社会生产能力进步和人民生活水平提高，总体上市场由供不应求转向供需平衡，国家开始注重推动消 费、投资、出口三大需求协同发展。在经济发展的成熟阶段，为调控有效需求不足与居民消费率偏低等 需求结构失衡问题，国家持续推动扩大内需，特别是扩大消费需求，致力于加快形成强大国内市场，发 挥超大规模市场优势，以增强消费对经济发展的基础 ...

阅读须知：本文内容所有信息和数据，均为作者查阅官方信息和网络已知数据整合解析，旨 在让读者更清晰了解相应信息，如有数据错误或观点有误，请文明评论，作者积极改正！ （创作不易，一篇文章需要作者查阅多方资料，整合分析、总结，望大家理解） 中国的科技，已经跑在了收入前面；而我们的消费，却被远远甩在了后头。 为什么越发达，越没人买单？北大教授姚洋给出了真正的答案。 不是因为老百姓没钱、没欲望，而是我们整个经济结构，已经走入了一个悄无声息但越来越致命的误 区。 以前在《经济大家说》栏目中，姚洋直言不讳："我们科技水平远高于人均收入水平"。 科技上去了，消费却下来了，这是非常反常的一件事。 问题的起点，是2018年。 这一年，美国发动对华贸易战，标志着全球供应链开始脱钩。中国的选择是对的：加快"硬科技自立"， 提升供应链安全。 这无可厚非，也是每一个主权国家在面对外部风险时的应有之义。 房地产的缓慢死亡拖崩了亿万民众的资产负债表，也压垮了整个消费体系的底部框架。 很多人以为"国补""刺激消费"就能解决。错。姚洋点明了这背后的结构性盲区：我们搞的消费刺激，太 小打小闹，缺乏动真格的结构性改革。 政府花一点钱，搞点活动，撒点 ...

Core Insights - The article discusses the current state of the Chinese economy, emphasizing the need to understand both the "form" and the "momentum" behind its development, particularly in light of the "strong supply and weak demand" contradiction [1][9]. Economic Performance Overview - In 2025, China's GDP growth rate was 5%, aligning with the initial target, and significantly above the global average of approximately 3% [3][4]. - The employment rate remained stable, with an urban unemployment rate kept within 5.5%, creating around 12 million new jobs due to the 5% growth rate [4]. - The Consumer Price Index (CPI) remained stable, indicating controlled inflation but also reflecting weak overall demand [4]. - China's foreign trade saw a 3.8% increase, with foreign exchange reserves stable at over $3.2 trillion, providing a buffer against external risks [4]. Structural Changes and Trends - The economy is characterized by "steady progress," with improvements in quality and efficiency, particularly in high-tech and equipment manufacturing sectors [5]. - Domestic demand has become the primary driver of growth, with consumption contributing over 50% to economic growth, indicating a shift towards a more balanced growth model [5][26]. Challenges and Risks - The main challenges facing the economy include insufficient domestic demand, particularly in consumer spending and private investment, which are critical for sustaining growth [7][9]. - Structural issues such as mismatches between labor skills and job requirements, as well as external pressures from global economic conditions, are also significant [7][9]. Policy Directions - The article highlights the need for macroeconomic policies to focus on expanding domestic demand while ensuring supply-side structural reforms continue [11][14]. - Emphasis is placed on the importance of policy coordination, integrating both existing and new policies to enhance effectiveness [16][17]. - The "Five Musts" proposed in the 2025 Central Economic Work Conference outline key areas for economic governance, including maximizing economic potential and balancing government-market relations [19][20]. New Development Model - The new economic development model emphasizes domestic demand, consumption-driven growth, and endogenous growth, marking a shift from reliance on external demand and investment [24][25]. - This model aims to enhance the quality of growth, focusing on innovation and the establishment of a modern industrial system [28].

Group 1: Key Insights on Housing Fund Reform - The reform of the housing fund can potentially release approximately 5,151 billion CNY in funds through three main pathways: expanding rental withdrawals (3,214 billion CNY), broadening usage scope (1,803 billion CNY), and reducing loan interest rates (134 billion CNY) [1] - The estimated increase in consumption from the released funds is about 3,606 billion CNY, which could raise the growth rate of resident consumption by 0.7 percentage points [1] - The reform aims to transition the housing fund system from a focus on "incremental expansion" to "stock operation," adapting to the new development model of the real estate market [1] Group 2: Current Status and Reform Directions - The current housing fund coverage for private enterprises is significantly lower than for state-owned enterprises, with only 8.8% coverage based on the number of units and 30.4% based on employee coverage [1] - There is a substantial amount of idle funds in the housing fund system, with nearly 29 trillion CNY accumulated due to low withdrawal rates and decreased loan issuance [1] - The participation rate of flexible employment individuals in the housing fund is only 1.24%, indicating a need for reforms to enhance their involvement [1] Group 3: Regional Disparities and Aging Population Impact - There are significant regional disparities in the utilization of housing fund resources, with some areas experiencing high withdrawal and loan rates while others face severe fund idleness [1] - The proportion of withdrawals for retirement has increased to 24.8% in 2024, indicating a growing impact of aging on the housing fund's liquidity [1] - The reform should explore diversifying funding sources, such as integrating housing maintenance funds and revenues from state-owned rental assets, especially in cities heavily affected by aging [1]

这样的信心，来自于锚定目标、接续奋斗的勇毅登攀——"十四五"时期，中国经济总量先后突破 110万亿元、120万亿元、130万亿元、140万亿元，实现"四连跳"，经济实力、科技实力、综合国力跃上 新台阶，为向下一程的目标迈进提供了坚实基础。 这样的信心，更来自于以习近平同志为核心的党中央的坚强领导——在"十四五"时期顶压前行的跋 涉中，以习近平同志为核心的党中央审慎决断、果敢决策、果断出手，团结带领全党全国各族人民走自 己的路、集中精力办好自己的事，推动党和国家事业取得新的重大成就。 保持战略定力，并不意味着一成不变，而是要处理好战略定力与应变能力的关系，以识变之智、应 变之方、求变之勇，在因地制宜、因势而动、顺势而为中精心运筹战术，科学有序安排节奏和进度。 当前，大国关系牵动国际形势，国际形势演变深刻影响国内发展。在战略机遇和风险挑战并存、不 确定难预料因素增多的时期，我国以何赢得战略主动？ "要胸怀全局、登高望远，在战略上保持定力，在战术上精心运筹，不断增强我国发展的确定性和 可持续性。"在"十五五"开局之年的"第一课"上，习近平总书记从战略与战术、定力与运筹的辩证关 系，指明发展的关键。 有必胜的信心，才 ...

Economic Growth and Structure - In 2025, China's GDP is projected to reach 140,187.9 billion yuan, with a growth rate of 5.0% year-on-year at constant prices, reflecting a resilient economic performance amid external uncertainties and domestic challenges [1] - The contribution rate of China to global economic growth remains stable at around 30%, highlighting its role as a stabilizing force in the world economy [1] Structural Improvements - The transition from old to new growth drivers is ongoing, with the tertiary sector's value-added increasing by 5.4%, particularly driven by the information transmission, software, and IT services sector, which grew by 11.1% [2] - High-tech manufacturing and equipment manufacturing saw value-added growth rates of 9.4% and 9.2%, respectively, significantly outpacing the average growth rate of large-scale industries [2] - Exports of high-tech products increased by 13.2%, contributing to a 9.4% growth in high-tech industry value-added, indicating a strong correlation between export performance and industrial growth [2] Income Structure and Challenges - The income structure is improving, with per capita disposable income growing by 5.0%, aligning with GDP growth, and per capita wage income increasing by 5.3% [3] - Despite positive trends, challenges remain, including external demand uncertainties, persistent supply-demand imbalances, and issues related to private investment and local debt [3] Policy Recommendations - To enhance internal demand, it is essential to address consumption bottlenecks, stabilize the real estate market, and improve the social security system and income distribution mechanisms [4] - Fiscal policies should focus on effectively utilizing new "old-for-new" policies and long-term bonds to invest in key areas such as new infrastructure and regional development [4] - Monetary policy should maintain a moderately loose stance to lower financing costs and support economic operations, while deep structural reforms should be a continuous focus for sustainable growth [4]

Core Viewpoint - The article emphasizes the importance of transitioning to an economic development model driven by domestic demand, consumption, and endogenous growth, as a strategic response to changing domestic and international conditions [1][2][3]. Group 1: Importance and Urgency - The need for a domestic demand-driven economic model is underscored by the increasing uncertainties in the global landscape and the inadequacies in domestic demand, which are seen as major constraints on economic growth [2][3]. - The shift towards a domestic demand-led model is viewed as essential for maintaining economic vitality and competitiveness in the face of external risks [2][3]. Group 2: Strategic Response to External Challenges - The article outlines that the global economic environment is facing significant challenges, including reduced growth momentum and rising protectionism, which necessitate a shift away from reliance on external demand [3]. - China's large domestic market, with over 1.4 billion people, presents a unique opportunity to leverage internal demand to counteract external uncertainties [3]. Group 3: High-Quality Development - Transitioning to a model driven by domestic demand is linked to the need for high-quality development, moving from factor-driven growth to innovation-driven growth [4]. - The article highlights the importance of adapting to changes in demand structure and investing in human capital to enhance economic quality [4]. Group 4: Economic Cycle and Supply-Demand Balance - A dynamic balance between supply and demand is crucial for the national economic cycle, with the current mismatch between strong supply and weak demand being a significant issue [5]. - The new economic model aims to align supply with demand more effectively, fostering a higher-level dynamic balance that promotes mutual reinforcement between supply and demand [5]. Group 5: Characteristics of Economic Development - The article notes that the transition to a domestic demand-driven model is a common trend in large economies, particularly after reaching a certain GDP per capita threshold [6][7]. - The contribution of domestic demand to economic growth is highlighted, with projections indicating that it will account for an average of 93.1% of economic growth from 2013 to 2024 [7]. Group 6: Consumption as a Growth Driver - Consumption is identified as a critical component of domestic demand, with its role in economic development expected to increase as GDP per capita rises [8]. - The article cites that from 2013 to 2024, final consumption expenditure is projected to contribute an average of 55% to economic growth, surpassing the contribution from capital formation [8]. Group 7: Endogenous Growth - The article emphasizes that sustainable economic growth in large economies relies on endogenous factors, such as innovation and productivity improvements, rather than external forces [9]. - It highlights the importance of enhancing innovation capabilities, with R&D investment expected to reach 2.68% of GDP by 2024, surpassing the EU average [9]. Group 8: Policy Recommendations - The article suggests that a comprehensive approach is needed to enhance economic vitality, balancing supply and demand while fostering effective investment [10][11]. - It advocates for policies that stimulate consumption and improve public services to create a favorable environment for consumer spending [12][13]. - The integration of technological innovation and reform is seen as essential for driving endogenous growth and adapting to new economic conditions [14].

Core Viewpoint - The article emphasizes the importance of transitioning to an economic development model driven by domestic demand, consumption, and endogenous growth, as a strategic response to changing domestic and international conditions [1][2][3]. Group 1: Importance and Urgency - The need for a new economic development model is underscored by the increasing uncertainties in the international landscape and the internal challenges of insufficient effective demand [2][3]. - The shift towards a domestic demand-driven model is seen as essential for maintaining economic vitality and competitiveness in the face of external risks [2][3]. Group 2: Strategic Response to External Risks - The article highlights the global economic slowdown and rising protectionism, which necessitate a reduced reliance on external demand [3]. - China's large domestic market, with over 1.4 billion people, presents significant potential for internal demand, which can mitigate external uncertainties [3]. Group 3: High-Quality Development - Transitioning to a consumption-driven economy is crucial for high-quality development, moving from factor-driven growth to innovation-driven growth [4]. - The article notes that as China’s GDP per capita surpasses $13,000, the demand structure is evolving, necessitating investments in human capital and services [4]. Group 4: Economic Cycle and Supply-Demand Balance - The article stresses the importance of a dynamic balance between supply and demand, with a focus on addressing the current shortfall in domestic consumption [5]. - A new economic model should facilitate a higher-level dynamic balance where demand drives supply and vice versa [5]. Group 5: Characteristics of Domestic Demand-Driven Growth - The article outlines that a shift to domestic demand is a common trend for large economies, particularly after reaching a certain GDP per capita threshold [6][7]. - From 2013 to 2024, domestic demand is projected to contribute an average of 93.1% to economic growth, highlighting its increasing importance [7]. Group 6: Consumption as a Growth Driver - The article discusses the U-shaped trend of consumption rates in economic development, indicating that as economies mature, consumption becomes a more significant growth driver [8]. - From 2013 to 2024, final consumption expenditure is expected to contribute an average of 55% to economic growth, surpassing the contribution from capital formation [8]. Group 7: Endogenous Growth as a Pathway - The article posits that sustainable economic growth relies on internal dynamics rather than external forces, with innovation playing a key role in this process [9]. - By 2024, R&D investment intensity in China is projected to reach 2.68%, surpassing the EU average, which supports the shift towards endogenous growth [9]. Group 8: Policy Recommendations - The article suggests that effective investment strategies should combine physical and human capital investments to stimulate economic growth [11]. - It emphasizes the need for policies that enhance consumer confidence and spending, alongside structural reforms to support innovation and investment [12][14].

新华社音视频部制作 1月20日，国务院新闻办公室举行新闻发布会，介绍落实中央经济工作会议精神，推动"十五五"实 现良好开局有关情况，并答记者问。国家发展改革委副主任王昌林表示，当前我国经济运行存在供强需 弱的问题，要扩大内需、优化供给，推动供需在更高水平上实现动态平衡和良性循环，促进形成更多由 内需主导、消费拉动、内生增长的经济发展模式。 【纠错】 【责任编辑:吴京泽】 ...