Core Viewpoint - The article emphasizes the importance of expanding domestic demand as a strategic foundation for high-quality economic development, highlighting the role of payment systems in facilitating consumption and reducing transaction barriers [1][4]. Group 1: Importance of Modern Payment Systems - The construction of a modern payment system is crucial for enhancing the compatibility of various payment methods, including cash, cards, mobile payments, and digital currencies, to support consumption growth [2]. - Recent policy documents reflect the government's strategic focus on optimizing the payment environment to promote consumption upgrades [2]. Group 2: Challenges in Consumption Growth - Despite a high contribution rate of consumption to economic growth, issues such as slowing marginal growth and structural differentiation are becoming more pronounced [3]. - Traditional policy tools have limitations, as they often focus on short-term effects without addressing deeper structural constraints in expanding domestic demand [3]. Group 3: Role of Payment Systems in Consumption Decisions - Payment systems significantly influence consumer decision-making by reducing transaction costs and psychological barriers, thus promoting impulse buying and high-frequency consumption [5]. - The convenience of digital payment technologies transforms consumer behavior, making transactions more seamless and immediate [5]. Group 4: Inclusivity and Accessibility of Payment Systems - Payment inclusivity is essential for unlocking the consumption potential of marginalized groups, such as the elderly and disabled, who face barriers to digital payment adoption [6][7]. - Initiatives like voice navigation and offline payment options are critical for integrating these groups into the modern consumption network [7]. Group 5: Fragmentation and Innovation Challenges - The current payment ecosystem is fragmented, with independent systems across various sectors, leading to inefficiencies and increased operational costs for merchants [9]. - There is a mismatch between rapid technological advancements in digital payments and the adaptability of older populations, exacerbating the digital divide [10]. Group 6: Security and Trust Issues - Concerns over data misuse and security risks contribute to a "trust deficit," which can suppress consumer spending [11]. - The potential for data breaches and fraudulent activities creates a defensive consumer mindset, counteracting the positive effects of payment convenience [11]. Group 7: Policy Recommendations - To enhance the payment system's role in boosting consumption, it is essential to break down ecological barriers, bridge the digital divide, and promote cross-domain collaboration [13]. - Establishing a more inclusive payment network and ensuring consumer data protection are vital for fostering trust and encouraging spending [14][16].

Group 1 - The third Guangdong-Hong Kong-Macao Greater Bay Area Development Business Conference was held in Guangzhou, marking the largest attendance with over 1,200 representatives from 30 countries and regions, signaling strong development potential for the Bay Area [2] - Discussions focused on international supply chain collaboration, global trade risk management, cross-border financial cooperation, and commercial legal cooperation [3] - The Greater Bay Area's economic strength has significantly increased, with a projected economic total exceeding $2 trillion in 2024, contributing to 1/9 of the national economic total despite only occupying 0.6% of the land area and 6% of the population [4] Group 2 - The establishment of the Greater Bay Area Exhibition Industry Alliance and the release of the "Greater Bay Area Supply Chain Promotion Report" and "Temporary Arbitration Guidelines for the China (Guangdong) Free Trade Pilot Zone" were key outcomes of the conference [6] - The conference highlighted the need for a resilient, secure, and sustainable international supply chain system as a strategic opportunity for high-quality development in the Greater Bay Area [5] - The integration of resources in emerging technology fields such as quantum computing, biotechnology, and artificial intelligence is seen as a way to enhance collaboration and attract innovation resources [7] Group 3 - The Greater Bay Area is positioned as a crucial hub for global supply chain collaboration, with emphasis on the importance of a complete business ecosystem for testing and scaling new business models [9] - The region is viewed as a significant gateway for China's openness and innovation, with international cooperation expected to enhance stability and sustainability in supply chains [10] - The focus on digitalization in supply chain financing and the promotion of cross-border business travel are anticipated to foster win-win cooperation among global enterprises [9]