Recently, the “15th Five-Year Plan to Expand Consumption”, which was approved and approved by the State Council, proposes to “adhere to the strategic basis of expanding domestic demand” and “give better play to the fundamental role of consumption in economic development.” This shows that the role of consumption as the foundation of the national economy and an important engine for economic growth is more prominent. It also reflects the profound transformation of the current driving mechanism of China's economic growth from being driven by investment and exports to being dominated by domestic demand consumption. The emphasis on consumption has a deep macro background and practical urgency. Currently, protectionism in global trade is on the rise, uncertainty about external demand has increased markedly, and the space to rely on external markets to drive growth is being squeezed, and development initiatives must be taken based on domestic demand. China has entered the middle and late stages of industrialization and urbanization. The marginal utility of large-scale infrastructure investment is declining, yet there is still a gap between consumer consumption rates and developed economies, and consumption potential has not yet been fully unleashed. The hyperscale market is an important advantage for China's economic development. The key to making better use of the fundamental role of consumption in economic development is to think outside the short term and play a combination of increasing revenue and reducing the burden on the demand side and improving quality and adapting the supply side. On the demand side, it is necessary to consolidate the foundation of residents' consumption capacity, promote the synchronization of residents' income growth with economic growth, improve reasonable wage growth mechanisms, increase property income channels, and at the same time reduce motivations for preventive savings by optimizing the supply of public services such as education, medical care, and old-age care, so that residents can spend and dare to spend. On the supply side, it is necessary to match upgrade demand with service consumption expansion and business format innovation, promote supply in new scenarios such as “artificial intelligence+consumption” and green consumption, force the upgrading of products and services with a high standard quality system, and resolve the consumption outflow and lack of will caused by the mismatch between supply and demand. On the institutional side, it is necessary to speed up the clean-up of unreasonable restrictions that curb consumption, improve financial and financial coordination support mechanisms, implement a vacation system to guarantee spending time, promote healthy interaction between consumption and investment, and enable more effective investment to be invested in consumer infrastructure and shortcomings in people's livelihood.

Recently, the “15th Five-Year Plan to Expand Consumption”, which was approved and approved by the State Council, proposes to “adhere to the strategic basis of expanding domestic demand” and “give better play to the fundamental role of consumption in economic development.” This shows that the role of consumption as the foundation of the national economy and an important engine for economic growth is more prominent. It also reflects the profound transformation of the current driving mechanism of China's economic growth from being driven by investment and exports to being dominated by domestic demand consumption. The emphasis on consumption has a deep macro background and practical urgency. Currently, protectionism in global trade is on the rise, uncertainty about external demand has increased markedly, and the space to rely on external markets to drive growth is being squeezed, and development initiatives must be taken based on domestic demand. China has entered the middle and late stages of industrialization and urbanization. The marginal utility of large-scale infrastructure investment is declining, yet there is still a gap between consumer consumption rates and developed economies, and consumption potential has not yet been fully unleashed. The hyperscale market is an important advantage for China's economic development. The key to making better use of the fundamental role of consumption in economic development is to think outside the short term and play a combination of increasing revenue and reducing the burden on the demand side and improving quality and adapting the supply side. On the demand side, it is necessary to consolidate the foundation of residents' consumption capacity, promote the synchronization of residents' income growth with economic growth, improve reasonable wage growth mechanisms, increase property income channels, and at the same time reduce motivations for preventive savings by optimizing the supply of public services such as education, medical care, and old-age care, so that residents can spend and dare to spend. On the supply side, it is necessary to match upgrade demand with service consumption expansion and business format innovation, promote supply in new scenarios such as “artificial intelligence+consumption” and green consumption, force the upgrading of products and services with a high standard quality system, and resolve the consumption outflow and lack of will caused by the mismatch between supply and demand. On the institutional side, it is necessary to speed up the clean-up of unreasonable restrictions that curb consumption, improve financial and financial coordination support mechanisms, implement a vacation system to guarantee spending time, promote healthy interaction between consumption and investment, and enable more effective investment to be invested in consumer infrastructure and shortcomings in people's livelihood.