Core Viewpoint - The current focus of China's economic development is to boost consumption, creating a model driven by domestic demand and endogenous growth, with "investment in people" being crucial for enhancing consumer capacity, confidence, and expectations [1][2]. Group 1: Investment in People - "Investment in people" is essential for addressing uncertainties and establishing new development advantages, serving as a foundation for stable economic growth over the next decade [4]. - Enhancing public services and social security through "investment in people" can fundamentally resolve issues of insufficient consumer willingness and weakened confidence, unlocking the consumption potential of over 1.4 billion people [4][5]. - The combination of "China manufacturing" and "China consumption" is vital for a strong domestic market, with high-quality development requiring both a modern industrial system and a service-oriented consumption system [4]. Group 2: Economic Projections - If China's final consumption reaches the same global share as its manufacturing, it could create an additional consumption market of no less than $10 trillion, positioning consumption as a key driver of economic growth over the next decade [5]. - In 2023, China's economic output accounted for approximately 17% of the global total, with projections indicating that by 2024, its share in global manufacturing will rise to 28% [4]. Group 3: Focus Areas for Investment - "Investment in people" should concentrate on key areas that enhance human capital and ensure social equity, particularly in sectors like education, healthcare, elderly care, and community development, which are closely linked to improving quality of life [6]. - Recommendations include reforming the fiscal system to prioritize effective investment in education, healthcare, and social security, while removing barriers to labor and talent mobility across regions and ownership types [6]. - The role of state-owned capital should be emphasized as a strategic leader and resource provider in "investment in people," facilitating broader societal benefits from capital appreciation [6].

Core Viewpoint - The low consumer spending rate in China is a long-standing issue that needs to be addressed to promote sustainable high-quality economic development during the 14th Five-Year Plan period [1][2]. Group 1: Current Economic Policies and Trends - The Chinese government has implemented various policies to boost consumer demand, with a particular focus on enhancing consumption as a priority task this year [1]. - From January to July this year, the retail sales of consumer goods increased by 4.8% year-on-year, with retail sales excluding automobiles growing by 5.3% and service retail sales rising by 5.2% [1]. Group 2: Structural Issues in Consumer Spending - China's consumer spending rate is significantly lower compared to international standards, and it has shown a trend of rising over the past 15 years after an initial decline [2]. - The low consumer spending rate is attributed to insufficient social security, unstable expectations, and weak consumer confidence, compounded by pressures from housing, healthcare, education, and retirement [2]. Group 3: Policy Recommendations for Enhancing Consumer Demand - To effectively release consumer demand potential during the 14th Five-Year Plan, policies should focus on three areas: 1. Implementing counter-cyclical consumption stimulus policies to support service consumption, particularly in education, healthcare, and retirement [2][3]. 2. Increasing social security and public service levels for low-income groups to enhance safety and consumer confidence [2]. 3. Strengthening supply-side policies by reducing entry barriers and optimizing regulatory policies to expand the supply of quality services [3].